Technical analysis: key levels for gold and crude

Oil is fighting hard for $38, but overall it looks like the sellers are still in charge.

Gold bars
Source: Bloomberg

Gold puts sellers on the front foot
Given the steady progression of lower-highs since mid-March for gold, it might prove sensible to see rallies as possible selling opportunities. A failure to push on beyond $1240 indicates the sellers are back in charge, with targets around $1220 and then $1210 in sight. 

WTI keeps low trend
Although back above $38 for now, the commodity is still trending lower. A move back below $38 would then target $36, the low from 15 March, with the third weekly pivot support at $34.44 the next target. The price has to move above $40 to indicate firm bullish momentum. 

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.