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

Gold remains within a range, where the recent respect of the top boundary brings about a bearish short-term picture. Meanwhile, a Brent breakout could bring about a more consistent period of upside.

IG Analyst

Publication date : 2018-04-13T10:03:09+0100

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Gold sell-off hits the buffers

Gold has been selling off sharply since rallying towards the range top of $1367, bringing about a heightened chance of a move back into the $1310 region.

However, with the price starting to turn higher, there is a good chance we will see further upside in the near term to retrace some of the downside seen over recent days. As such, look for short-term gains, with the bearish view coming back into play with either a deep retracement or an hourly close below $1333.

Gold price chart

Gold price chart

Gold price chart

Brent looks set for next leg higher

Brent managed to push through the $70.85 resistance level earlier in the week, providing a heightened chance of a strong bullish breakout.

With the price consolidating since, watch out for a potential break higher to signal a bullish phase coming into play. We are currently seeing a spike in prices, and this is likely to persist, with a break below $70.85 needed to raise questions over this bullish short-term view.

Brent price chart

Brent price chart

Brent price chart

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