Established in 1974
185,800 clients worldwide
Over 15,000 markets

Technical analysis: key levels for gold and crude

Gold has rallied towards a crucial resistance level, while Brent continues to range ahead of the new year.

Smelted gold
Source: Bloomberg

Gold approaches key resistance

Gold has continued its short-term gains, rallying towards the crucial $1165 resistance level. Should we see that level broken, it would point towards a wider, longer-term bullish outlook for gold. Until then, we need to see a turn lower to continue its recent downtrend.

Gold price chart

Brent ranging ahead of likely bullish break

Brent crude is once more attempting to break through the $57.26 resistance region, as it seeks to continue the ascent seen earlier in the week. However, it looks as though we could see another turn lower for the time being.

As such, watch out for a breakout from the current $56.59-57.26 range to spark the next big move. Until then, the range looks like something worth considering, with either short-term shorts or even better, a long from the $56.70 region.

Brent crude price chart

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 Bank S.A. 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.