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Technical analysis: key levels for gold and crude

Gold continues to move higher, after the latest North Korean rocket launch. Meanwhile, Brent breaks down through the bottom boundary of a symmetrical triangle formation.

IG Analyst

Publication date : 2017-08-29T10:28:05+0100

Gold bars

Source: Bloomberg

Gold keeps on climbing

North Korean actions overnight saw gold spike higher once more, with the price breaking to a nine-month high. Between here and the next major level at $1337, there is no crucial resistance to watch out for.

For now, there is no reason to believe we will see this rally let up, with a bullish view in play unless the price falls below $1314.

Gold price chart

Gold price chart

Gold price chart

Brent breaks lower from triangle formation

Brent has broken to the downside last night with the price falling below trendline support.

This completes a bearish break from a symmetrical triangle formation. That points towards further losses from here, where a break above $52.35 would be required to negate that bearish view.

Brent price chart

Brent price chart

Brent price chart

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