Technical analysis: key levels for gold and crude
Gold is still under pressure, falling through key resistance, while oil prices are on the up once again.
Gold falls through key support
The gold price fell to $1273 yesterday, moving below crucial $1277 support. A downtrend remains in place, and a downward channel has been created on the four-hour chart.
The price may now continue its rebound off the lower bound of the channel, heading back towards $1300. Alternately, a move below $1270 suggests a break lower, heading towards longer-term trendline support at $1264.
WTI looks to break higher
The WTI price has returned to the $64.70 area, and is now poised to break higher.
The next major target seems to be $70.00, while a retracement towards $62.56 may find buyers. The steady grind higher goes on.
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