Technical analysis: key levels for gold and crude

Gold prices are on the rise once again following a 76.4% retracement. Meanwhile, Brent is starting to stabilise after a drop into a key support level.

Gold turning higher from 76.4% retracement

Gold is pushing higher after a retracement into the 76.4% Fibonacci support level.

This points towards a continuation of the recent uptrend, with a push through $1239 required to continue that trend. With that in mind, a bullish view remains in place unless we see the price break below the $1225 swing low.

Brent stabilises at key support

Brent has managed to stabilise at the key $75.57 swing low, with the price starting to regain some ground. That could simply be a retracement, yet further upside looks likely from here.

As such, look for further short-term gains, or else a continuation of the downtrend with a break below $75.57.

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.

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