Technical analysis: key levels for gold and crude

Gold has consolidated over the past two days, while oil continues to surge. 

Gold holds key support

Gold fell back to the $1307-$1314 support zone, and is now moving higher.

From $1326, the high so far this month, we look for further gains in the direction of $1337 and $1356. A move below $1307 would be bearish, although only a drop below $1295 would really signal a change of direction.

WTI rally shows no sign of stopping

WTI leapt higher yesterday, moving above the 2015 highs.

The price remains overbought on the hourly chart, and while this does not suggest that a pullback is at hand, those waiting to buy the dips may wish to wait for a move back towards $62.

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