Technical analysis: key levels for gold and crude
Both gold and Brent look at risk of a potential bearish turn, following recent gains into deep retracement levels.
Gold weakens from Fibonacci resistance
Gold has been turning lower since the recent rally into the 61.8% Fibonacci level and trendline resistance. That points towards the possibility of a more bearish picture coming into play.
However, we have not seen any form of confirmation of an impending bearish phase coming into play, with a break below $1303 providing that. Otherwise, watch for whether we see a break through the $1325 peak to push on towards the 76.4% resistance at $1331.
Brent rallies into deep retracement
Brent has been regaining ground from the key $66.09 support level. That inability to continue creating higher low points towards this subsequent rally as potentially falling short of the $68.53 peak set on Thursday.
With the price respecting the late February peak of $67.82, we could see a more bearish picture come into play from here. However, confirmation of that short-term bearish outlook would come via a break below $67.30.
IGA, may distribute information/research produced by its respective foreign affiliates 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.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. 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, and 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.
Please see important Research Disclaimer.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
