All trading involves risk. Losses can exceed deposits.

Technical analysis: key levels for gold and crude

Gold’s bounce appears to have run its course, while oil prices are unable to push higher this morning.

All trading involves risk. Losses can exceed deposits.

Gold stuck below $1300

If bulls don’t take charge soon there could be some difficult times ahead for goldThe price has significantly failed to break through descending trendline resistance over the past two weeks, with each push higher turning into a lower high in a downward move from the 25 May high at $1307.

The latest drop now seems set to challenge rising trendline support from the December 2016 low. If this breaks then near-term support at $1290 and $1285 is possible.

WTI surrenders Friday’s gains

While the price for WTI bounced off support at $64.18 last week, Friday’s gains have been given back.

A close below $64.18 would signal a deeper retracement towards $61.84, the next area of support, while a bounce requires a close above $66.60.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Find articles by analysts