Denna information har sammanställts av IG, ett handelsnamn för IG Markets Limited. Utöver friskrivningen nedan innehåller materialet på denna sida inte ett fastställande av våra handelspriser, eller ett erbjudande om en transaktion i ett finansiellt instrument. IG accepterar inget ansvar för eventuella åtgärder som görs eller inte görs baserat på detta material eller för de följder detta kan få. Inga garantier ges för riktigheten eller fullständigheten av denna information. Någon person som agerar på informationen gör det således på egen risk. Materialet tar inte hänsyn till specifika placeringsmål, ekonomiska situationer och behov av någon specifik person som får ta del av detta. Det har inte upprättats i enlighet med rättsliga krav som ställs för att främja oberoende investeringsanalyser utan skall betraktas som marknadsföringsmaterial.
Gold returns to the status quo following price breakout attempt
The importance of a daily closed candle for any long-term breakout has been proven here, with the price failing to hold onto gains seen on Monday. That inability to close above $1224 means we have now moved back into the range that has been prevalent throughout the past two months. As such, I am looking for a return to $1178 in the near future for gold.
This morning has seen a move below $1206 and that gives me confidence of a further move lower for the remainder of this morning. Thus I am bearish for a continuation of this range between $1192 and $1224.
Silver tries to find support following pullback
We have continued to see the price of silver pullback following the sharp spike seen as a result of last week’s triangle breakout. Given the breakout and the creation of new three-month highs, I do expect us to see a more bullish mode for silver, and thus it is a case of finding where this retracement will stop and the buyers come back in.
Current intraday price action points to possible support at the 200-day and 200-hour SMAs, which have propped up the price this morning. However, should we see any further moves lower, I would expect to see bullish sentiment return around $16.78 and $16.62.
Brent creates new low and points to bigger move lower
Yesterday saw Brent accomplish what I had been holding out for, and that was a move below $64.26. That wasn’t expected to necessarily spark a major selloff, but instead acted as another piece of confirmation that we are seeing something that could resemble a market top in Brent crude. Over the past two weeks, we have now seen both a new higher high created, alongside two higher lows. The move below $64.24 could have been seen as the completion of a double top, which is a bearish signal. Yet ultimately, we are now exhibiting some of the features of a downtrend and while it looks like we are likely to move higher over the coming days, I expect the bearish tone to kick back in soon enough. Thus I see any significant move higher as an opportunity to sell into a long-term move lower over the coming weeks. This would only be invalidated with a move above $67.87.
WTI also creates new low
Similarly, WTI has seen a sharp move lower yesterday which has brought about increased confidence of a longer-term selloff. The bounce we’re seeing today could be the beginning of another lower high, and I am open minded to this representing a new short-term bullish phase. However, I remain bearish overall and am using any major bounce as an opportunity to short the market at a better price.