Technical analysis: key levels for gold and crude

It looks like oil will be under pressure despite a strong finish last week, while gold is doing its best to rally. 

Gold
Source: Bloomberg

Gold could see $1119

Once again gold has rallied off its lows, but having moved higher it may now become a target for fresh selling. A failure to move on above $1142 could see a turn lower, targeting the key level of $1127 before heading on to $1119.

If it does break $1142 then the price could target $1156. Any further rally really needs a shift in the US dollar strength that has dominated since the election and intensified following the Federal Reserve meeting last week.

Gold

Brent eyes early-December highs

The price rallied hard into the close on Friday, recovering lost ground, but so far it is unable to break above $56.17. A failure to hold here could lead to a test of $55.30, and then on to $53.52 and potentially lower for Brent.

Above $56.17 the price would target the early-December highs towards $57.80.

Brent

WTI could drop to $50.88

The price has turned lower after a rally into the end of Friday. An inability to get past $53.55 raises the prospect of more selling ahead, potentially heading down to $52.56 and the low of Thursday at $50.88.

Any rally has to clear $53.55 and then push on to the highs of last week at $55.13 for WTI.

WTI

Denna information har sammanställts av IG, ett handelsnamn för IG Markets Limited. Utöver friskrivningen nedan innehåller materialet på denna sida inte ett fastställande av våra handelspriser, eller ett erbjudande om en transaktion i ett finansiellt instrument. IG accepterar inget ansvar för eventuella åtgärder som görs eller inte görs baserat på detta material eller för de följder detta kan få. Inga garantier ges för riktigheten eller fullständigheten av denna information. Någon person som agerar på informationen gör det således på egen risk. Materialet tar inte hänsyn till specifika placeringsmål, ekonomiska situationer och behov av någon specifik person som får ta del av detta. Det har inte upprättats i enlighet med rättsliga krav som ställs för att främja oberoende investeringsanalyser utan skall betraktas som marknadsföringsmaterial.