Levels to watch: gold, silver and crude

Oil markets remain quiet, while precious metals are still unable to make much headway in either direction. 

Gold bars
Source: Bloomberg

Gold likely to be stuck in a long-term downtrend
The ugly price action in gold on Friday bodes ill for those planning for a rising gild price. The big level to breach is still $1180, as it was all the way through last week. For now even $1170 looks to be providing problems for any upward momentum. A break through $1180 would allow the price a run at the 14/15 October price at $1191.

If the price continues to decline then we look towards the 50-day simple moving average at $1140, at which point buyers may be able to muster some momentum. In the longer-term, it looks like the downtrend in gold will continue to prevail.

Silver attempts to rally
Silver remains trapped below the 200-day SMA ($15.96), although it is doing its best to rally this morning. While the $15.66 level holds there may be a chance of pushing back towards $16.20.

A breakout from the October highs would signal a move towards $16.80. If the price fails to hold $15.66 then the next area of support becomes $15.20 and then $14.70 below this.

Brent bouncing back and forth
After spiking higher earlier in the month, Brent crude has returned to its September habit of bouncing along close to $48. We really need to see a daily close back below $46.30 to suggest that downside momentum is building, but for the bulls even a move back towards $50 is not guaranteed to bring significant movement. For that, we need a close above $50.70, which would at least clear the way to the 100-day SMA at $53.07.

WTI in flux
A similar situation applies here, although in US light crude’s case $44 is key support. The bulls need a form close above $48, which might then allow for a run to the October high at $50. 

Denne informasjonen er utarbeidet av IG, forretningsnavnet til IG Markets Limited. I tillegg til disclaimeren nedenfor, inneholder ikke denne siden oversikt over kurser, eller tilbud om, eller oppfordring til, en transaksjon i noe finansielt instrument. IG påtar seg intet ansvar for handlinger basert på disse kommentarene og for eventuelle konsekvenser som et resultat av dette. Ingen garanti gis for nøyaktigheten eller fullstendigheten av denne informasjonen. Personer som handler ut i fra denne informasjonen gjør det på egen risiko. Forskning gitt her tar ikke hensyn til spesifikke investeringsmål, finansiell situasjon og behov som angår den enkelte person som mottar dette. Denne informasjonen er ikke utarbeidet i samsvar med regelverket for investeringsanalyser, så derfor er denne informasjonen ansett å være markedsføringsmateriale. Selv om vi ikke er hindret i å handle i forkant av våre anbefalinger, ønsker vi ikke å dra nytte av dem før de blir levert til våre kunder. Se fullstendig disclaimer og kvartalsvis oppsummering.