Technical analysis: key levels for gold and crude

Gold continues its sideways trading of the past few weeks, but oil prices are on the move higher again.

Gold’s sideways move continues

Gold’s tedious range continues, with Friday’s surge towards $1210 resulting in a wave of selling that drove the price towards $1194.

Buyers continue to defend this latter area and the lower end of the range, so a bounce back towards $1210 and higher cannot be ruled out. A break below $1187 opens the way to $1180 and $1160.

WTI resumes its march higher

Friday’s dip saw buyers rush in for WTI, resulting in the price leaping higher overnight.

A push back to $73.00 and then $74.00 looks likely, with dip buyers finding more support towards $69.50. A break of this level brings $66.70 and $64.00 into play.

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 analysts