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Technical analysis: key levels for gold and crude

Gold begins to climb again after a heavy fall, while WTI continues on its downtrend from the high of last month.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-12-11T10:05:59+0000

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Gold nudges higher after steep drop

After heavy losses last week, gold has managed to find support at $1246.

Having seen such a swift move lower, the sellers may pause for breath, but any rally that moves back in the direction of $1264, but fails to post a close above this level, is still a selling opportunity. The next likely areas of support come in at $1239, $1214, and then $1195.

Gold chart

Gold chart

Gold chart

WTI continues to drift down

WTI continues to respect a downtrend from the 30 November high ($58.90), with a move above $57.44 needed to negate the bearish short-term outlook.

Some support is possible around $55.67, and then $55.00. A reversal and close above $57.44 would suggest buyers are back, and that the $59.00 area will be tested once more.

WTI chart

WTI chart

WTI chart

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