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

Technical analysis: key levels for gold and crude

Gold gains fall short of resistance, while Brent starts to roll over after recent advances.

Oil barrels
Source: Bloomberg

Gold rally falls short of resistance

Gold rallied sharply overnight, with the price attempting to move back into the $1284 resistance level. Yet with the price currently falling short of that level, there is a chance we could see another push towards the downside.

However, should we see a break through $1284, then this would point towards a period of strength coming into play. 

Gold chart

Brent turning lower following recent upside

Brent is starting to weaken following another strong move higher yesterday. In the near-term, we have trendline support to contend with.

Should the price fall below there, we would be looking for Fibonacci retracements to come into play for bullish buying opportunities. A break below $62.17 would be required to negate this bullish view.  

Brent 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.