Technical analysis: key levels for gold and crude

Gold looks to maintain its upward progress, while oil remains in a tight trading range. 

Source: Bloomberg

Gold retains push from early this month

Gold broke above $1284 overnight, although a pullback has seen it fall back below. However, the steady push higher from the 6 November lows remains intact, and would remain so unless the price drops back below $1270.

Above $1284, the $1290 level is in sight, followed by $1295 and then $1307. 

WTI establishes range

WTI's Wednesday’s bounce from $56.58, and then the drop back from $58.07 has established the current range.

We wait to see whether the price will break to new highs for the year, or whether a bigger dip is on the cards.

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.

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