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Technical analysis: key levels for gold and crude

Both gold and oil are looking to continue their strong rallies.

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Gold drops back but finds support

While the price for gold dropped back from its highs overnight, it has since found support at $1314.

A further push higher continues to target $1326, then $1337 and $1358. The near-parabolic move has yet to see a meaningful retracement but, below $1314, the first areas of possible support are $1307, and then $1295.

WTI keeps on moving higher

The uptrend remains in place for WTI, but bulls may wish to wait for a deeper retracement intraday to offer a more attractive risk-reward outlook.

The level to watch on the upside is still $60.74, while $59.00, and then $55.67, could be areas where buying pressure will emerge.

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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.