IG
No results found

View more search results

1 2 3 4 5 6 7 8 9 10
Related search: Market Data
Market Data Type of market
See all Market data search results >
Established in 1974 Over 195,000 clients worldwide Over 16,000 markets

Technical analysis: key levels for gold and crude

Gold is showing signs of a potential bullish reversal, while Brent prices are showing little signs of a rebound despite rumours of a major production cut from OPEC.

Joshua Mahony

Joshua Mahony
Senior Market Analyst, London

2018-11-15T09:53:27+0000

Oil rig
Source: Bloomberg

Gold turning higher from trendline and Fibonacci support

Gold is coming back into prominence following a fall into a support zone consisting of the 76.4% Fibonacci retracement and an ascending trendline.

The creation of higher highs and higher lows over the past three months points towards another leg upwards from here, with a wider bearish view coming into play with a drop below $1180.

Gold chart

Gold chart

Gold chart

Brent downtrend remains intact despite output cut talk

Brent has done little to respond to rumours of a 1.4 million barrels per day (bpd) cut from the Organisation of Petroleum Exporting Countries (OPEC) in a bid to counteract the recent weakness seen in oil prices. The downtrend remains intact, and it makes sense to expect more of the same until the price tells us otherwise.

With that in mind, keep an eye out for a potential next breakdown, with a rally through $72.00 required to negate this bearish outlook.

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.

Related articles in Commodities

See more

Find an article

Find articles by writer

Markets

Forex

Indices

Shares

Commodities

CFD trading

Our charges

Premium services

Institutional clients

Trading platforms

Web platform

Trading apps

Advanced platforms

Compare features

Market insight

News and analysis

Swiss market news

Contact us

Corporate governance

 

IG | Sitemap | Terms and agreements | Privacy | Cookies | About IG

Follow us online:

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.

© 2003 - 2019

IG Group | Careers