Technical analysis: key levels for gold and crude

Early weakness for commodities could provide a buying opportunity, as the asset class continues its strong run.

Gold looks to new highs

The price for gold bounced off support at $1307, and then rallied to a new high in the current trend.

Thus, we look to keep entering on pullbacks, with $1313 and then $1307 as support. A break below the latter creates a new lower low and puts the rally under pressure. 

WTI falters but bullish trend still intact

WTI has taken an early bath this morning, dropping sharply, but the current uptrend remains firmly intact.

We remain bullish until the price drops back below $60. A dip that stays above this level remains another potential buying opportunity. 

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.