Skip to content

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

Technical analysis: key levels for gold and crude

It has been a good morning for oil bulls so far, as hopes of OPEC action buoy crude, while gold continues its move higher.

Video poster image

Gold keeps on moving higher

The steady push higher continues, and the recovery over the past few days puts the gold price back on course to challenge the $1236 area of resistance.

A move above $1240 would open the way to $1260. Dips towards $1215, or even the $1205 level on the four-hour chart, would still be buying opportunities.

Gold chart

WTI finds some buyers

WTI has surged in common with most risk assets today, pushing above the recent lower highs at $53.10.

Given the size of the retreat, we are not short of resistance levels to watch, with $55.10 and $58.00 being the first areas to watch. A dip back towards $51.50 would be a possible buying opportunity, and a bounce from there would create a higher low. Further declines take the price back to the lows of last week at $49.20.

WTI chart

IGA, may distribute information/research produced by its respective foreign marketing partners 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.

This information/research prepared by IGA or IG Group is intended for general circulation. 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 or 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. In addition to the disclaimer above, 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 important Research Disclaimer.

Find articles by writer