Technical analysis: key levels for gold and crude
Gold is recovering after two days of losses while oil prices are attempting to recover from yesterday’s drop.
Possible higher low for gold
Gold has weakened over the past two sessions, dropping back from its highs.
It has created a new higher low over the past 24 hours, which might provide another buying opportunity for the bulls. A turn lower targets $1307, and below this would perhaps indicate that a more bearish view is beginning to develop.
WTI holds support
The price of WTI has failed to break $60.40 over the past week, but while it dropped sharply yesterday, it found support around $59.10.
If this lower high remains in place then a rebound to $60.40 may develop. A close below $59.00 would mark a more bearish view, and open the way to $58.30, a key zone of support from 15, 22 and 23 March.
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
