Technical analysis: key levels for gold and crude

Gold shows signs of a possible rebound, but the same cannot be said for oil. 

Gold challenges levels from beginning of year

After several weeks of declines, gold has rebounded, and now looks to be challenging the downtrend line from the January highs.

We will need to see a close above $1333 to confirm that the trend has shifted once again. A move below $1313 would negate this view.

WTI keeps bearish view for now

An attempt at a bounce yesterday brought out the sellers for WTI, so the bearish view remains here, unless the price can move back above $60.74.

Further declines below $59.00 would target last week’s low at $57.93, and then possibly down to $55.67.

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