Technical analysis: key levels for gold and crude
Gold’s strong end to 2018 has continued into the new year, but oil is still struggling.
Gold still on a tear
Even small dips continue to find buyers here and, while those looking to buy on weakness are latecomers to the rally, gold's moves back towards the 50-day simple moving average (SMA) of $1280 may find further buying pressure.
The bullish view remains intact in the daily timeframe unless the price moves back below $1275.
WTI fights to hold support
Last week saw the WTI price stuck below $47.00, stymying an attempt at a rally.
However, there is one small crumb of comfort, namely: the price appears to be holding an area of support around $44.60. If this continues to hold, then a rally back towards $47.00 may develop, but any further upside requires a daily close above this level.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
See an opportunity to trade?
Go long or short on more than 13,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.