Technical analysis: key levels for gold and crude

Gold continues to move higher, after the latest North Korean rocket launch. Meanwhile, Brent breaks down through the bottom boundary of a symmetrical triangle formation.

Gold bars
Source: Bloomberg

Gold keeps on climbing

North Korean actions overnight saw gold spike higher once more, with the price breaking to a nine-month high. Between here and the next major level at $1337, there is no crucial resistance to watch out for.

For now, there is no reason to believe we will see this rally let up, with a bullish view in play unless the price falls below $1314.

Brent breaks lower from triangle formation

Brent has broken to the downside last night with the price falling below trendline support.

This completes a bearish break from a symmetrical triangle formation. That points towards further losses from here, where a break above $52.35 would be required to negate that bearish view.

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