Technical analysis: key levels for gold and crude

Gold looks to be providing another dip-buying opportunity, but Brent is still firmly under pressure.

Gold dips but uptrend remains

The price has gained steadily for gold after it tested $1307 last week.

Dips since then have found buyers, so we will wait to see if today's drop back from $1337 will see this pattern repeated. The upside targets are $1337, $1346 and then $1358. A turn lower targets $1326, $1313 and then $1307.

Brent shows no sign of a bounce

Dollar weakness has not helped Brent, which continues to drift. While yesterday's dip below $62.00 found buyers, it could not get back above $63.00.

Further declines head towards the $61.10 zone, then down to $60.00, and then $56.80. A recovery back above $63.00 would open the way to $66.86 and then $69.23.

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.