Technical analysis: key levels for gold and crude

Gold’s overnight gains have faded, but oil is looking to build on yesterday’s breakout.

Gold holds support at $1314

A bounce off $1307 saw the price for gold return to $1320, but the gains have been eroded overnight.

Once again, $1314 holds as support, but a move above $1330 would be needed to break the downtrend. Declines below $1307 bring $1295 and then $1284 into play.

WTI looks for further gains

The WTI price broke above the descending trendline from the February high yesterday, and is looking for further gains today.

However, it faces further obstacles at $63.14, $63.36 and then $64.82.

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. See full non-independent research disclaimer and quarterly summary.