Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please 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 ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold has dropped back into trendline support, while Brent attempts to push higher off the back of recent declines. 

Video poster image

Gold back into trendline support  

Gold continues to consolidate around trendline support, with yesterday’s rally once again falling short around the 76.4% retracement at $1303. 

The ability to break above that level, or below $1289, will provide us with the key determinant of direction from here on in. Given the previous respect of this trendline, there is a good chance we will see another move higher in the short term. However, the continued respect of the 76.4% retracement highlights that this period of sideways price action could yet prove to be a precursor to another leg lower.

Brent attempts to arrest the recent decline

Brent has managed to post a short-term rebound, following a decline that has been seen as a continuation of the recent period of downside.

This wider move does generally look like a multi-stage retracement before we head higher once more. However, for now there is a good chance that any upside falls short around trendline resistance, which will continue the bearish pattern seen over the past month. A break above $79.17 would bring the bullish view back into play.

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IG Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.

Find articles by writer