Technical analysis: key levels for gold and crude

While gold is under pressure, no such caution is being seen in the oil price. 

Gold falters for the time being

The uptrend for gold remains in pace here, with temporary weakness likely to prove to be a buying opportunity.

First areas to look for support come in at $1337 and $1326, with a loss of these likely to suggest a turn is at hand. We have seen momentum weaken, although not terminally. A push higher targets $1357 and then $1366. 

WTI displays no hint of bearishness

The WTI rally shows no sign of abating, with little weakness in evidence.

Further gains should be expected, with a close below $62.76 needed to put a more bearish spin on the current outlook. 

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.

Find an article

Find articles by writer