Technical analysis: key levels for gold and crude

Having recovered from its lows, gold is aiming for a move higher, while WTI is trading sideways.

Gold looks to rally

Gold appears to be consolidating before a move higher, and dips towards $1250 yesterday brought out buyers.

A move above $1260 will bring the key $1264 area, previously support, now resistance, into play. A move below $1240 is needed to put a more bearish view on the commodity.

WTI trades in a range

The price for WTI continues to bounce between $56.00 and $59.00, with the range being confirmed again yesterday as the price moved off the lower bound.

The next levels to watch for resistance are $58.00 and then $58.88, while a drop below $56.00 suggests a move to $55.67, and then down to $55.00. 

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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