Technical analysis: key levels for gold and crude

Commodities have found fresh bullish momentum at the start of a new week.

Gold breaks out from previous action

The price has shot higher for gold, breaking out from the sideways action of the previous three sessions and finding support at $1326. 

A close above $1337 leads us on to $1346, $1358 and then $1366.

WTI breaks key resistance level

Little weakness has been seen for WTI since the lows of the month.

The price action of the past two sessions has seen the commodity recover the 50-day simple moving average (SMA) at $62.13, as well as break key resistance at $62.56. The next target is the January high at $66.58.

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