Technical analysis: key levels for gold and crude

Gold looks to be providing another dip-buying opportunity, but Brent is still firmly under pressure.

Gold dips but uptrend remains

The price has gained steadily for gold after it tested $1307 last week.

Dips since then have found buyers, so we will wait to see if today's drop back from $1337 will see this pattern repeated. The upside targets are $1337, $1346 and then $1358. A turn lower targets $1326, $1313 and then $1307.

Gold price chart

Brent shows no sign of a bounce

Dollar weakness has not helped Brent, which continues to drift. While yesterday's dip below $62.00 found buyers, it could not get back above $63.00.

Further declines head towards the $61.10 zone, then down to $60.00, and then $56.80. A recovery back above $63.00 would open the way to $66.86 and then $69.23.

Brent price chart

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.