Skip to content

Important Notice: IG Markets South Africa will no longer provide Trading Accounts. This change does not affect existing International/offshore accounts. New applications will be supported by IG International, part of IG Group, via https://www.ig.com/en. Important Notice: IG Markets South Africa will no longer provide Trading Accounts. This change does not affect existing International/offshore accounts. New applications will be supported by IG International, part of IG Group, via https://www.ig.com/en.

Technical analysis: key levels for gold and crude

Both gold and WTI are showing signs of a potential impending breakdown in the price. However, with the two requiring a break below key support, we await a bearish signal for both markets. 

Video poster image

Gold back at key support level

Gold is heading back into the $1219 support level once again this morning, with another breakdown looking highly likely from here on in.

Recent consolidation has given us little upside, and with flatlining tops giving way to flat lows, we are awaiting a break below $1218 or above $1236 to establish a breakout direction. With that in mind, watch for an hourly close below $1218 this morning as a signal of further downside. Should that not occur, we could be looking at a short-term range coming into play.

Gold chart

WTI continues to regain ground

WTI has continued its ascent, with the price rallying into Fibonacci and trendline resistance yesterday.

There is a strong chance this is a retracement before we break lower, yet it makes sense to await a break below the $68.02 swing low to signal a breakdown from here. Until then, the short-term uptrend remains in play. 

WTI 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 writer

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.