Technical analysis: key levels for gold and crude

The gold bulls have pushed the price back to $1200, but now their strength appears to be fading. Oil however continues to rally. 

Gold struggles around $1200

The rebound of the past week carried gold back above $1200, but it is faltering today.

A move below $1188 would suggest more near-term weakness, potentially opening the way to $1180 and then $1160. A move through $1200, with a daily close above this level, suggests a challenge of $1205 and then $1214.

WTI pushes higher for another day

The steady rally continues here, lifting WTI back towards trendline resistance from the late July high.

A move above $66.80 would open the way to $68.40 and more trendline resistance, this time from the June highs. Horizontal resistance levels to watch come in at $67.80, $69.30 and then $70.00. A fresh turn lower below $65.00 would be needed to negate the more bullish view. 

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 writer

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% 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.