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Technical analysis: key levels for gold and crude

Gold is still on the up despite a dollar revival, while oil is waiting to see what news emerges from the OPEC meeting.

Oil field
Source: Bloomberg

Gold keeps on pushing higher

The short-term uptrend is intact for gold, despite some indecision yesterday.

A break below $1293 would call the rising trendline into question, but unless it breaks the $1290 low, the uptrend is still extant. Above Friday’s high of $1299, the $1306-$1307 level comes into play.

WTI muted as OPEC meets

WTI has dropped back from its recent highs ahead of the Organization of the Petroleum Exporting Countries (OPEC) meeting.

So long as the price holds above $55.00, then the trend is intact. A turn higher targets Monday’s high at $59.00, and then on to the 2015 highs at $62.56. 

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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.