Technical analysis: key levels for gold and crude

Oil prices are still enduring losses, although key support is holding for now. Meanwhile gold is attempting to continue yesterday’s gains. 

Gold bullion
Source: Bloomberg


The gold price managed to find support above the crucial $1300 area yesterday, so further momentum might see a push on through $1335, key resistance on 19/20 July.

A move above here would head towards the $1375 peak from earlier in the month. Weakness could see a test of support at $1310, $1300, and then on to $1280. 


The sequence of lower highs goes on here, but for now the downside is being limited by the crucial $46 support area. If this continues to hold we could see a bounce back to the $47.50 area and then $48.

If $46 is broken we could see a drop down to the early May lows at $44. Given the ongoing downtrend off the June highs, the price could move back as far as $49 and still be in a broader move lower.


The move lower from WTI’s June highs goes on, and so as a result the coming week could see further selling. So far the July lows at $44.50 continue to hold, but a move below here would head towards key support at $42.60, and such a move would also create a new lower low, maintaining the downtrend.

As with Brent, the price could see a significant bounce but still be in the downtrend; in this case $47.50 would be where the downward sloping resistance comes into play. 

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

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.