Technical analysis: key levels for gold and crude

Weakness in gold persists, while oil prices continue to drift lower. 

Oil rig
Source: Bloomberg


The unwind in gold continues, although for now the bulls holding the price above $1210. A move below here targets the $1200 area, and then on towards $1180.

A bounce needs to clear $1230, which was previously support on 15-16 March. Above here the targets are $1240 and then $1270.


Shorts will be watching for a move below $38. With speculative long positions in crude now at a 21-week high, the drop could be rapid if longs find themselves having to abandon positions in short order.

Below $38 the index may head towards $36, the low of 15 March, with the 50-day simple moving average at $34 the next destination. 

IGA, may distribute information/research produced by its respective foreign marketing partners 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.