Technical analysis: key levels for gold and crude

Oil prices continue to decline, while the gold rout goes on. 

Gold bars
Source: Bloomberg

Gold rallies may still be sold

Efforts to find real support in gold have proven fruitless, but for the time being the price has held above the lows of $1122. Further gains would need to break $1140 and then $1153, and then we may see a push towards $1180.

Below $1122 the price targets $1110 and then $1097. For the time being, it looks as if rallies will continue to be sold.

WTI battle for $52 continues

The battle to hold $52 goes on, and the downtrend from the week’s high at $55 is still intact. Support is possible at $51.17 and then $50.32, and it will be interesting to see how the price reacts if the coming week sees a close below $50. Resistance could be found at $52.62, $53.22 and then $54.07. 

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.

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.