Technical analysis: key levels for gold and crude
Gold and oil are looking more bullish this morning, despite recent weakness.
Gold rebounds after weakness
Having defied fears of a deeper turn lower, gold has rallied back to the $1297 area. If it can post a daily close above this zone, then the uptrend is firmly back in effect, with $1309 being the next level to watch.
Failure to push higher brings $1285 and then $1276 into focus as possible support, but even then a firm bearish view would require a move below $1276.
WTI still moving higher
WTI’s steady rally continues, with the overnight drift lower yet to put a meaningful dent even in the spike higher seen yesterday.
The 50-hour simple moving average (SMA) at $50.89 may provide support, as it did earlier in the week, while a deeper drop brings the $50.00 level and then the 100-hour SMA at $49.76 into view.
IGA, may distribute information/research produced by its respective foreign affiliates 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.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. 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, and 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. Please see important Research Disclaimer.
Please also note that 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 an opportunity to trade?
Go long or short on more than 13,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
