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Technical analysis: key levels for gold and crude

While gold has at least held a vital trendline, it is stuck below $1300. Oil meanwhile has managed to hold support all week, and is trying to push higher.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-06-08T09:25:08+0100

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Gold stuck in a tight range

While gold continues to hold the rising trendline from December 2016, gains above $1300 this week have proved impossible to sustain.

However, dips towards the trendline have also found buyers. A break out of the $1290-$1300 range is needed to determine the future course from here.

Gold chart

Gold chart

Gold chart

WTI fights to rally after holding the lows

The price continues to hold the lows of the week, building a base for WTI that saw a rally develop yesterday.

Now it needs to move above the post-September rising trendline, which would suggest a move above $66.50. From here, the 31 May peak at $68.60 comes into view. A close below $64.18 negates this more bullish view.

WTI chart

WTI chart

WTI chart

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