Technical analysis: key levels for gold and crude
Gold and oil are both enjoying strong uptrends, in both the short- and longer-term timeframes, helped by a softer dollar for the former and falling supply for the latter.
Uptrend in gold continues
Gold's steady progression of higher highs and higher lows continues, and while the price has dropped back from yesterday’s high for the moment the uptrend is still in place.
A close below $1300 would be bearish, opening the way to $1296 and then $1285. If a higher low is formed, then a close above $1310 opens the way to the previous high at $1326.
Brent pushes higher
Brent hit a new high for the year yesterday, and while it has pulled back overnight, the uptrend is still intact.
A pullback is still a possible buying opportunity, as a prelude to further gains in this still-bullish move from the December lows.
This information has been prepared by IG, a trading name of IG Markets Ltd 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. 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
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only