Skip to content

Technical analysis: key levels for gold and crude

Gold and WTI have been gaining ground of late. However, with both markets slowing in their ascent, there is a possibility we could see a breather in the recent upside moves.

Video poster image

Gold starting to weaken once again

Gold is showing signs of weakness once more, following a rally through trendline resistance.

However, with the 200-day simple moving average (SMA) and $1217 swing high still to overcome, there is a chance we will see the price of gold turn lower again. Watch for the ability to break through the $1217 mark as a precursor to further upside, with a strong possibility of weakness until that occurs.

Gold price chart

WTI consolidates amid recent attempted recovery

WTI has been trying to break from its recent period of weakness, with the price rallying into $69.22 resistance. However, we need to see a break above $70.00 to really provide a bullish signal for the price of WTI.

A break below $68.19 would signal the potential for short-term downside, yet there is a chance that such a move would be a retracement of the rally from $63.97.

WTI 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 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