Technical analysis: key levels for gold and crude

Commodities have taken a pause for breath, with gold remaining stuck in a consolidation period. 

A gold mine at night
Source: Bloomberg

Gold price consolidates

The steady downtrend might still be in effect, but for now the price seems to have settled into a consolidation mode just above $1085. A move through $1080 would be the catalyst for fresh losses, but for now selling momentum seems to have ebbed. As before, buyers will need to push the price back above $1100 to confirm that a bounce is underway. 

Brent rangebound

The price finds itself trapped between $47 on the downside and $48.50 on the upside. A clear move through the latter would target $49.12 and then $50, while a fresh drop below $47 would head towards the late October low at $46.50. 

WTI could fall to $42.60

The $43.50 mark seems to be the level to watch on the downside for WTI, as the pullback from $48 has stalled just above this level. A break below it targets $42.60, the low from 27 October. Any bounce needs to clear $45, with resistance at $46.50 before moving on to $48 itself. 

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. See full non-independent research disclaimer and quarterly summary.

CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen. 79% van de retailbeleggers lijdt verlies op de handel in CFD’s met deze aanbieder.
Het is belangrijk dat u goed begrijpt hoe CFD's werken en dat u nagaat of u zich het hoge risico op verlies kunt permitteren.
CFD’s zijn complexe instrumenten en brengen vanwege het hefboomeffect een hoog risico mee van snel oplopende verliezen.