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Technical analysis: key levels for gold and crude

Gold continues to consolidate around the trendline resistance, while crude drifts lower in the wake of an intraday head and shoulders formation.

IG Analyst

Publication date : 2017-04-19T09:20:47+0100

Gold
Source: Bloomberg

Gold keeps on consolidating

Gold has seen yesterday’s gains erased overnight, as the price consolidates around descending trendline resistance. That trendline originates from mid-2016, highlighting that over the long term we continue to create lower highs.

The ability to break higher from this sideways period would point towards a move into the next major resistance zone of $1303-$1307. Alternately, an hourly close below $1279 would point towards a more protracted move lower.

Gold price chart

Gold price chart

Gold price chart

WTI continues to trend lower – for now

WTI has been selling off throughout the beginning of this week, with yesterday’s head and shoulders completion pointing towards further losses. Crucially, thus far we are only seeing a fairly gradual move lower, which highlights the possibility of this being a short term pause before we move higher again.

A bullish short term view would come with a break through $53.29. Until then, it is likely the sellers will come in once more when the price is back above the 50-hour simple moving average (SMA).

WTI price chart

WTI price chart

WTI price chart

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