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Technical analysis: key levels for gold and crude

Gold’s move higher is still in place, although upward progress seems lacking. Meanwhile, oil has new highs in its sights. 

Oil pump
Source: Bloomberg

Gold edges upwards

While gold is struggling to move above $1280, it is at least making higher lows.

As long as the $1272 area holds, another attempt to move higher is on the cards. A move below $1264 still reverses this bullish outlook.

WTI looks to fresh highs

The $54.00 level has been held for WTI, after a drop in the earlier part of this week.

The next target to watch is $55.32, the high from Wednesday, with $55.67 the next big level on the upside. Above this, $62.56, the mid-2015 high, comes into play. 

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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.