Skip to content

We want to clarify that IG International does not have an official Line account at this time. We have not established any official presence on Line messaging platform. Therefore, any accounts claiming to represent IG International on Line are unauthorized and should be considered as fake.
CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Technical analysis: key levels for gold and crude

Gold is back on the bearish path of earlier this year, while oil’s attempt to break $70 has been firmly rebuffed.

Video poster image

Gold’s decline moves up a gear

Gold’s price continues to drop back from the peak seen last week.

The next areas of support to watch are $1180 and then $1160. If the price can hold above $1180 then a higher low may be created as part of a trend from the low of August. This then brings $1205 and $1214 into play.

WTI knocked back from $70

Tuesday saw WTI rally through the $70.00 resistance zone, but then end the day below it, suggesting more near-term weakness is at hand.

One possible view is a retest of previous trendline resistance, which would now be support, around $68.30. Below $68.00 the overall outlook returns to short-term bearishness. A close above the $70.00 level is needed to reignite the bullish view.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Find articles by writer