Skip to content

We want to clarify that IG International does not have an official Line account at this time. We have not established any official presence on Line messaging platform. Therefore, any accounts claiming to represent IG International on Line are unauthorized and should be considered as fake.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.
CFDs are complex instruments. 72% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Technical analysis: key levels for gold and crude

More gains look likely for gold, while oil has fallen below a vital support level.

Steam-injection oil pipes
Source: Bloomberg

Gold rally creates the perfect buying opportunity

The rally goes on here, with the weakness into Friday’s close having provided the ideal buying opportunity. Now the price must close above $1200 to maintain momentum and open the way to $1207 and then $1228. A close below $1170 is still the prerequisite for a bearish turn here. 

Gold price chart

WTI finds short-term support

US light crude dropped back below the key $52 level, but has found short-term support above the second weekly pivot at $51.09. A drop below here would target the 50-day simple moving average at $50.90, and then down to $49.58. Bulls would like to see a close back above $52 as the first step in a new rally to $54. 

US light crude price chart

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.

Find articles by writer