Technical analysis: key levels for gold and crude

Gold prices continue to fall, with Brent approaching a key level that could also provide a bearish breakdown.

Gold heading lower once more

Gold looks set for further downside, following on from a period of weakness that has unwound a month’s worth of gains in less than two weeks. The break below $1303 was the first major bearish signal, and we are now approaching the crucial $1277 support level.

A bearish outlook remains for the short term, with continued lower highs key to maintaining the trend. Thus, a rally through the $1297 would be required to negate the bearish outlook.

Brent heading back towards crucial support level

Brent is weakening once again, with the price moving back towards the crucial $64.47-$64.59 support zone.

A break below there would pave the way for a more bearish phase, while a rally above the most recent swing high would provide a more bullish view.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

Speculate on commodities

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Sell
Buy
Updated
Change
Sell
Buy
Updated
Change
-
-
-
-
-
-
-
-
-
-
-
-
China 300
-
-
-
-

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.