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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 been regaining ground after a sell-off from Fibonacci resistance, while the recent pullback in Brent points towards further downside to come.

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Gold heads back towards Fibonacci resistance

Gold is regaining ground once more, following a sharp decline at the hands of the 61.8% Fibonacci resistance level. On the shorter timeframe, we clearly have an uptrend in place.

Thus, further upside does look likely unless we break below the $1303 swing low. However, should such gains come into play, the reaction to the 61.8% and 76.4% Fibonacci levels will be key in determining whether we are set for a bearish turn or not.

Gold chart
Gold chart

Brent falls back into key support level

Brent declined into the $66.09 support level on Friday, bringing about a heightened chance that we are set for a more bearish short-term phase.

The initial inability to break that level points towards a likely rebound on the short term, with a rally through $66.85 adding credibility to that view. Otherwise, a break below the $66.09 level would point towards further downside as we move into a likely retracement of the wider $64.00-$68.53 rally.

Brent chart
Brent chart

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