Over 40 years’ heritage
185,800 clients worldwide
Over 15,000 markets

Technical analysis: key levels for gold and crude

Downside moves remain the theme here, with an early rally in Brent rapidly disappearing. 

Gold bars
Source: Bloomberg

More downside in gold looks likely
The move through support at $1070 suggests we will see more downside here, with targets in the direction of $1055 and then $1047 if support around $1064 is broken.

Last week saw a continued failure to break through $1080 so this is the first area to watch on the upside, followed by $1089 and then $1099.

Gold

Bears look to take control of Brent
$38.38 has so far stemmed any bounce this morning – so if this remains the case, the bears look to be in charge of Brent crude once again.

As a result, we would look towards $37.02 and then $36 as potential targets. Buyers would need to take the price back through $38.38 and then move on towards $39.40. 

Brent crude

WTI still under pressure from the bears
Bearish pressure remains the theme here, with $35.50 remaining the first hurdle to any upward move.

If this is broken we look towards $36.31 and then $37, but for now most will be focusing on the downside, with $34.73 and then $34 as potential areas of support. 

WTI

The information 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 and as such is considered to be a marketing communication.