CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold’s rally shows no sign of stopping, while the oil price has demonstrated remarkable resilience and looks determined to move higher.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-02-27T09:12:34+0000

Mining

Source: Bloomberg

Gold keeps on rallying

New highs for the year on Friday confirm that the bull run here has further to go. The gold price is now knocking on the door of the 200-day simple moving average ($1261), and the next areas to watch above here are $1269, $1281 and then $1303.

Once again the price has moved away from the rising daily trendline, so we could see a drop back towards $1245 in the short term. As long as the $1230 area holds, this uptrend will be with us for the foreseeable future.

Gold chart

Gold chart

Gold chart

WTI slowly moving up

WTI dip buying has been well-rewarded over the past two weeks, as the price claws its way higher. Bulls now need to break the $55 level to open the way to $55.80.

The zone between $53.20 and $53.80 provides plenty of potential support, so this trend could continue. The bears will not be able to rest unless the price closes firmly below $53.20.

WTI chart

WTI chart

WTI chart

The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.

Find an article

Find articles by writer

CFDS are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

This website is owned and operated by IG Bank S.A. Registered address at 42 Rue du Rhone, 1204 Geneva, authorised and regulated by FINMA.

The information on this site is not directed at residents of the United States and Belgium, or any particular country outside Switzerland and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.