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

A volatile morning sees gold push higher, while Brent turns lower, as risk appetite becomes key to market sentiment.

IG Analyst

Publication date : 2017-10-19T09:41:40+0100

Oil field

Source: Bloomberg

Gold spikes on Catalonia fears

Gold has managed to push higher, following a pullback into the 61.8% retracement this week, with proceedings in Catalonia sparking a flight to safety.

There is a good chance we have bottomed out here, with an hourly close above $1289 providing a bullish confirmation.

Oil price chart

Oil price chart

Oil price chart

Brent breaking below trendline, as upside falters

Brent is breaking to the downside this morning, following a period where the market failed to break through $58.32 resistance.

The current move below trendline, the simple moving average (SMA) and $57.54 support suggests further weakness. This results in $57.01 being the next key level to watch out for. An hourly close below there would point the way towards significant further downside.

Oil price chart

Oil price chart

Oil price 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.

Find an article

Find articles by writer

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.