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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

Brent shows signs of a reversal, which gold looks to trade into a crucial support trendline.

Gold bars
Source: Bloomberg

Gold heading lower from Fibonacci resistance

Gold is declining once more, following a rally into the 76.4% retracement yesterday. We have a major trendline of support to note to the downside, yet for now it looks like we could see another leg lower.

A break back up above $1259 would provide a more bullish outlook.

Brent continues to gain

Brent is showing further signs of a resurgence, with the price having rallied into the crucial $47.91 swing high. A break and hourly close through that level would provide greater confidence of further gains in the coming week.

To the downside, we would need to see a break back below $45.24 to negate the bullish view that is now in play.

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