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Technical analysis: key levels for gold and crude

It has been a good morning for oil bulls so far, as hopes of OPEC action buoy crude, while gold continues its move higher.

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Gold keeps on moving higher

The steady push higher continues, and the recovery over the past few days puts the gold price back on course to challenge the $1236 area of resistance.

A move above $1240 would open the way to $1260. Dips towards $1215, or even the $1205 level on the four-hour chart, would still be buying opportunities.

WTI finds some buyers

WTI has surged in common with most risk assets today, pushing above the recent lower highs at $53.10.

Given the size of the retreat, we are not short of resistance levels to watch, with $55.10 and $58.00 being the first areas to watch. A dip back towards $51.50 would be a possible buying opportunity, and a bounce from there would create a higher low. Further declines take the price back to the lows of last week at $49.20.

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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.