CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Both gold and crude are starting to look bullish once again following on from their respective pullbacks.

IG Analyst

Publication date : 2018-09-19T09:58:08+0100

Video poster image

Gold rallies back into notable resistance level

Gold has rallied from trendline support, with the price reaching the $1205 resistance level this morning. The ability to break through that level will be key in determining whether we are set for another push out of this consolidation phase.

Given the recent creation of higher highs and higher lows, there is a strong chance that we will see gold push upwards and out of this phase. However, a break above that $1205 level is going to be key in that, providing greater confidence that we are set for an extension to the overnight gains. We would need a break below $1193 to negate the current bullish outlook for gold.

Gold chart

Gold chart

Gold chart

Brent pushing higher after recent retracement

Brent has been on the rise this week, as the market attempts to recover from the losses of last week.

Given the pullback into the 61.8% retracement and subsequent rally through the $78.58 swing high, there is a good chance that we will see further gains from here. Thus, a rally through $80.00 seems likely before long, with a fall below $75.58 required to negate the wider bullish trend.

Brent chart

Brent chart

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.

Find an article

Find articles by writer

CFDS are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

This website is owned and operated by IG Bank S.A. Registered address at 42 Rue du Rhone, 1204 Geneva, authorised and regulated by FINMA.

The information on this site is not directed at residents of the United States and Belgium, or any particular country outside Switzerland and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.