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 hit the April high, and could be set for more, while Brent is fighting hard to bounce off a key trendline. 

Gold bars
Source: Bloomberg

Gold rallying

The gold rally has now hit, and attempted to break, the $1295 level. If it does, then $1307 is next.

Only a drop back below $1280 would really imperil the rally, although with the Federal Reserve meeting next week, and the US dollar trying to rally, gold could be vulnerable in the short term. A close above $1295 is needed to create a new higher high and maintain upward momentum.

Brent struggling

For three sessions now Brent has bounced off the key rising trendline that goes back to July last year. A bounce could be in the offing, but we need to see a close above $49.92 to really suggest the bulls are in control.

Longer-term, the trend is still down, so $46.71 and then $44.11 are the next targets. 

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