Technical analysis: key levels for gold and crude
Oil has managed to clear key resistance, while gold has moved lower in early trading.
Gold edges back for now
The gold price is moving off another six-month high, but until we see a drop below $1280, it is still more likely to be a buying opportunity.
Only a sustained price action below $1280 would change the short-term picture. Further gains target $1300 and then $1309.
WTI finds the strength to rally
WTI has finally managed, it seems, to clear the $47.00-$47.50 area of resistance. This breakout, if it lasts, brings the $49.00 and then the $52.00-$53.00 zones into play.
A pullback would potentially find support around $47.00 and then down to $45.70.
This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
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
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
