Technical analysis: key levels for gold and crude
Gold’s rally has moved into a trading range for now, but oil prices continue to climb.
Gold bounces around in a range
Gold has spent the week bouncing between $1280 and $1295. It is currently gearing up for another attempt to push higher, but a close above $1300 is needed to open the way to further upside.
Likewise, a close below $1280 would be needed to suggest further downside is likely.
Brent clambers higher
Brent and equities continue to move in lockstep. An elegant uptrend has developed, and a new higher high has been created early on in trading today.
Retracements intraday remain buying opportunities. A breakout above $63, the highs of early December, is the next event to watch for.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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 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
