Technical analysis: key levels for gold and crude
Gold shows no sign of slowing in its ascent, while oil prices are weaker after yesterday’s rally.
Gold still on the up after six-month high
Yet more gains have seen gold continue its uptrend, having touched its highest level in over six months yesterday.
Yesterday’s peak at $1279, followed by $1285 and $1294 are the next areas to watch. Early weakness has been swiftly seized upon as a buying opportunity, suggesting we see further upside from here. The bullish view persists in the near term unless the price closes below $1265.
WTI holds the lows for now
WTI is displaying some similar price action to equities, giving back some gains as those looking to maintain the downward move hop on this potential selling opportunity.
We need to see a higher low being created intraday to suggest that this bounce has legs, so for now bulls might want to be patient. If the price can hold the lows below $43.00, and create a higher low intraday, then we have the possibility of a more sustainable bounce in the short term. Near-term resistance lies around the $47.00 level seen overnight, and then on to $49.20.
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