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Technical analysis: key levels for gold and crude

Gold turns lower once more, despite a sharp move higher, with Brent gaining after overnight losses.

IG Analyst

Publication date : 2017-03-07T10:00:47+0000

Gold
Source: Bloomberg

Gold rally falls short at previous low

Gold saw a sharp appreciation yesterday, which fell short at the confluence of last Wednesday’s low and the 50% retracement. With the price moving lower overnight, a break back below $1223 would be required to signal that this recent downtrend is set to continue.

Should that occur, the $1216-$1220 zone represents the next major hurdle to overcome to the downside. Conversely, a break above the previous swing high (currently $1237) would provide a more bullish outlook.

Gold chart

Gold chart

Gold chart

Brent continues its recovery

Brent has continued to create new highs overnight, with price recovering from a major trendline support on Friday. The next hurdle to overcome is the 61.8% retracement ($56.29), which represents the highs of the week so far.

Until we break to a new lower low, this uptrend is expected to continue, in a bid to bring Brent back into the top of its long term range.

Brent oil chart

Brent oil chart

Brent oil chart

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