All trading involves risk. Losses can exceed deposits.

Technical analysis: key levels for gold and crude

Gold is attempting to recover the losses from Friday, while oil’s rally remains in pause mode.

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

Gold recovers after Friday losses

The Friday pullback hit the gold rally hard, but so far buyers have returned to push the price back towards $1280. This looks to be a buying opportunity, with a first target of $1290, and then on to $1295 and $1307.

A close below $1270 would suggest a fresh test of support at $1264.

WTI drifts sideways towards support

Support at $56.58 looks to be the next destination for WTI, as the uptrend moves into more of a short-term consolidation phase. It would need a move below $54 to reverse the bullish outlook.

Meanwhile, a move above $58.07 would clear another hurdle in the likely longer-term move to $62.56. 

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.