Technical analysis: key levels for gold and crude

Commodities are broadly higher this morning, with gold in particular worth watching, as it tests an important level.

Gold tests key resistance

Gold continues to move higher, and is now testing the $1264 area.

If it can manage a daily close above this level, then $1295 and $1307 come into play. A failure to move above resistance is a bearish development, and would indicate that $1246 and $1238 are now the mostly likely destinations.

WTI pushes on towards $59.00

Yesterday’s indecisive session for WTI still leaves the buyers in charge, with the $55.67 to $59.00 range still intact.

Buyers have been keeping the price up each time it heads towards $57.00, while sellers, for now, are minded to enter around $58.00. This tightening range suggests increased volatility is potentially on the way.

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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.