Technical analysis: key levels for gold and crude
Gold has fallen back from the multi-month high seen last week, but oil is aiming to build on Friday’s bounce.
Gold edges back from new high
The price of gold has rallied to its highest level since April 2018 on Thursday, before dropping back toward $1310 support.
If this holds, then a retest of highs around $1326 is possible, and the strength of the uptrend would suggest that we see further gains. Levels below $1310, $1300 and then $12877-$1285 come in as possible support.
WTI clears recent resistance
WTI staged a late bounce on Friday, thanks to a drop in US oil rigs, and it has started the week with small gains.
The push above $54.50, the highs from early December, reinforce the idea that the uptrend has gathered new momentum, with $58.15 and $59.41 the next levels to watch. Dips have been bought over the past week, and the bullish thesis remains in place unless we see a drop below $50.85.
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.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- 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
Live prices on most popular markets
- Forex
- Shares
- Indices
