Technical analysis: key levels for gold and crude

The stronger dollar continues to hobble commodity prices, which suffered losses last week in a continuation of their 2018 downtrends.

Selling opportunity for gold

Rallies for gold continue to be sold here, as the bounce towards $1330 last week demonstrated.

Any bounce that fails to clear $1330 would likely be another selling opportunity. A move below $1307 brings the possibility of $1295 into view.

WTI looking to $60.00 support area

WTI finished out the week with a rally to the 50-day simple moving average (SMA) at $62.64, close to key resistance at $62.56.

On the four-hour chart, the price hit the descending trendline from the February high. If this holds, and if further declines come into play, then we look to the $60.00 area, which has held as support throughout March so far.

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 IG 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.

Find articles by writer