Technical analysis: key levels for gold and crude
Gold has broken out of a descending triangle, while oil has moved to fresh highs for 2019.
Gold breaks out from trendline resistance
In the short term, gold seems to have formed a base around $1285, and has now broken the near-term trendline resistance from the 29 March high at $1300.
The immediate targets are $1297 and then $1300, followed on by $1312. A close below $1285 negates this more bullish view, although $1277 support is nearby.
WTI registers new high for 2019
The WTI price has marched higher in resolute fashion over the past few days, reaching a new high for the year.
If it closes above $62.56, it will have reclaimed another key level, opening the way to $64.00, a key zone of support in the June-August period in 2018. Areas of potential near-term support are $61.70 and then $60.60.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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. See full non-independent research disclaimer and quarterly summary.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
