Technical analysis: key levels for gold and crude
Gold has bounced from the lows but it needs to carry on to avoid a bearish trend developing, while oil is back to $52 after a week that saw it try to rally.
Gold surges from the lows
The gold price rallied off the lows yesterday, but overnight it has slipped lower, faltering at $1310. Further declines target $1302, and then down to $1285.
A recovery above $1315 would open the way to the $1326 high from the end of January.
WTI fights to hold $52
The WTI price bounced off support at $52.03, but an attempted rebound last night faltered at $52.93. Further gains above this level target $54.50, and then on to $56.00.
A daily close below $52.00 would bring the prospect of a retest of $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.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets