Technical analysis: key levels for gold and crude

Gold has managed to hold vital support, while oil has continued to drift sideways.

Gold recovers from its losses, holds $1264

Gold explored the area below $1264, but has held the level so far. Further gains would head to $1270, previously key support.

The next areas to watch on the upside are $1275, and then $1284. There appears to be significant strength around $1264, given the repeated bounces off this level, but a break would open the way to $1246, and then down to $1240. 

WTI drifts along above support

WTI continues to bounce along, just above the $57.00 support level, leaving the price in a range between $57.00, and the recent high at $59.00.

We wait to see whether a breakout develops from either of these levels. Above $59.00, the $62.56 high from 2015 comes into play, and below $57.00, $55.67 and $54.00 are potential areas of support. 

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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