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Technical analysis: key levels for gold and crude

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

IG Analyst

Publication date : 2017-11-07T10:13:40+0000

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

Gold chart

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

Brent chart

Brent chart

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