Technical analysis: key levels for gold and crude
The new week begins with gold and oil on the front foot, either returning to or breaking the highs of the previous few weeks.
Gold returns to January peak
The gold price has moved back to the $1326 highs seen three weeks ago.
From here the price will break into the $1326-$1365 range from the first few months of 2018. Intraday pullbacks towards $1316 are likely to find support.
WTI breaks above $55
As it is with equities, so it is with oil. The pullback towards $52.00 found support, and the WTI price has now leaped higher, breaking above the late January highs around $55.00.
The next target is $58.20, with the 100-day simple moving average (SMA) at $57.22 another area of possible resistance. Intraday, rising trendline support from the 11 February low might suggest dips towards $54.80 might provide a buying opportunity.
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