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

Geopolitical tensions in Iraq continue to bolster both gold and oil, with the commodities hitting new highs for the month. 

Gold
Source: Bloomberg

Gold reaches new high

Further gains in the early part of the session have seen gold push to a new high for the month. The next area to watch would be the $1314-$1316 zone, with a move above here clearing the way to $1326, $1337 and then $1360.

A move below $1280 is needed to negate the bullish outlook.

Gold chart

WTI targets September peak

A gap higher for WTI, due to news of clashes in northern Iraq, has seen the price hit a new high for the month. The next target is the September peak at $53.00.

Above here, the $54.00 and $55.00 levels come into play. A drop below $50.50 is needed to put a more bearish view on things. 

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