Technical analysis: key levels for gold and crude
Gold remains ensconced within a tight range, but oil is girding itself for another attempt to break $53.
No end to the sideways move in gold
The shift in gold's price action from relentless upward move to unending range-bound trading is quite something.
Rallies towards $1295 continue to hit a brick wall, and we are now seeing the price move back towards previous support around $1286. The range remains firmly in place until proven otherwise.
WTI tries to break $53
The price of WTI has been stymied at resistance, with several attempts to break $53.00 defeated.
However, the price is now above the 50-day simple moving average (SMA) of $51.49 for the first time since mid-October, providing a more bullish view. Yesterday’s dip towards $51.50 found buyers, so we look for follow-through today.
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.
Please see important Research Disclaimer.
European Central Bank meeting
Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement on 24 October 2019.
- How might the next meeting affect the markets?
- What are the key rate decisions to watch?
- Why is the Governing Council announcement important for traders?
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.