All trading involves risk. Losses can exceed deposits.

Technical analysis: key levels for gold and crude

The poor run in gold prices has paused this morning, while WTI looks to break out from its recent narrow range. 

All trading involves risk. Losses can exceed deposits.
Gold
Source: Bloomberg

Gold eyes support at $1061

Despite suffering one of its longest losing streaks in years, gold prices have risen slightly this morning, moving back above yesterday’s lows.

However, we still need to see a close back above $1080 to suggest that the buyers are back in charge. Otherwise, we look to support at $1061.

Brent could see $45

Dips below $43.50 for Brent continue to be bought, but until the price moves back through $45 upside is likely to be contained.

A move through here targets $45.80 and then the 200-hour SMA at $46.46. Downside support is still likely around $43.30.

WTI targets $42.60

The price is moving through yesterday’s highs above $42.20, breaking out the range of the past three sessions.

Upside targets for WTI lie around $42.60 and then $43.20, while support is possible around $41 and $39.95. 

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.