Technical analysis: key levels for gold and crude
Oil prices are back to the lows of the year, while gold is still very much in demand.
Gold back on top as risk aversion builds
Now above the 200-day simple moving average (SMA) for the first time since mid-May, gold’s recovery has been impressive.
The post-Federal Reserve (Fed) dip proved to be too good to miss for the gold bulls, and while the overnight drop may have further to go, anything that holds above $1240 remains a buying opportunity. Further gains target $1282 and $1285.
WTI tumbles again
It has been another brutal week for oil bulls, and the price of WTI has barely recovered from its lows seen yesterday.
Below $45.78, the $43.89 and then $42.07 levels come into view. Rallies should find further selling pressure, with $47.00 and then $48.14 the levels to watch.
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.
See an opportunity to trade?
Go long or short on more than 17,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets