Technical analysis: key levels for gold and crude

Gold has managed to hold vital support, while oil has continued to drift sideways.

Gold recovers from its losses, holds $1264

Gold explored the area below $1264, but has held the level so far. Further gains would head to $1270, previously key support.

The next areas to watch on the upside are $1275, and then $1284. There appears to be significant strength around $1264, given the repeated bounces off this level, but a break would open the way to $1246, and then down to $1240. 

Gold chart

WTI drifts along above support

WTI continues to bounce along, just above the $57.00 support level, leaving the price in a range between $57.00, and the recent high at $59.00.

We wait to see whether a breakout develops from either of these levels. Above $59.00, the $62.56 high from 2015 comes into play, and below $57.00, $55.67 and $54.00 are potential areas of support. 

WTI chart

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IGA Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.