Technical analysis: key levels for gold and crude
Gold’s rally has hit a brick wall, with the price retreating sharply from trendline resistance. However, the buyers continue to prop up oil.
Gold slumps from trendline resistance
Gold’s rally from the lows of last week was rudely interrupted yesterday, as the price slumped to $1290.
A small recovery has been seen overnight, but overall the picture is much less bullish. The price faltered at $1310, near trendline resistance from the February high, and further declines target $1285 and then below $1277.
WTI records fresh higher low
WTI has witnessed steady gains over the past two months, and the shallow pullback overnight may provide another buying opportunity.
Support was found around $63.40 yesterday, and a new push higher targets $64.70 and onwards.
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.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
You might be interested in…
Find out what charges your trades could incur with our transparent fee structure.
Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.
Stay on top of upcoming market-moving events with our customisable economic calendar.