Technical analysis: key levels for gold and crude

Early weakness for commodities could provide a buying opportunity, as the asset class continues its strong run.

Gold looks to new highs

The price for gold bounced off support at $1307, and then rallied to a new high in the current trend.

Thus, we look to keep entering on pullbacks, with $1313 and then $1307 as support. A break below the latter creates a new lower low and puts the rally under pressure. 

WTI falters but bullish trend still intact

WTI has taken an early bath this morning, dropping sharply, but the current uptrend remains firmly intact.

We remain bullish until the price drops back below $60. A dip that stays above this level remains another potential buying opportunity. 

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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