Technical analysis: key levels for gold and crude

Gold has suffered a pullback but looks to be recovering, while oil is on the up once more.

Oil barrels
Source: Bloomberg

Gold retraces after break higher

The push higher for gold in recent days has seen a modest pullback, down to the $1286 area, but this is unlikely to last. A move below $1285 would suggest that the rally is weakening.

There is a test of $1276 support possible, but further bullish momentum should see the commodity challenge yesterday’s high at $1294, and then move higher. 

Gold price chart

WTI sticks to its uptrend

It’s hard to keep track of WTI at the moment, with a series of volatile days. Overall, the bulls may now have the upper hand once more, with $51.36 and then $52.00 and $53.00 the next levels to watch.

It needs a close below $50.00 to put a more bearish spin on things. Ultimately, the sequence of higher highs and higher lows from the June low remains intact. 

Oil price chart

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

This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.