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Technical analysis: key levels for gold and crude

Gold continues its downtrend after breaking below key support level. Meanwhile, Brent tries to find its direction following a rally into a long-term resistance level.

IG Analyst

Publication date : 2017-09-28T09:58:11+0100

Oil
Source: Bloomberg

Gold downtrend continues apace

The recent downtrend continued to dominate for gold yesterday, with the price breaking below the crucial $1288 support level.

With that in mind, there is a good chance that we could soon see some form of a bounce. However, unless it were to break above the $1314 mark, a bounce would be seen as an opportunity to sell once more. 

Gold price chart

Gold price chart

Gold price chart

Brent trading around key support level

Brent has sold off into the crucial $57.27 level, where a convincing break below would look likely to pave the way for short-term downside.

Coming off the back of a rejection around the crucial long-term $58.48 resistance level, we are waiting to see if Brent will break through and push into a new phase of upside, or reverse lower. As such, look out for a break back below $57.27 for a more bearish outlook, or else a push up above $58.93 to bring a renewed bullish outlook. 

Oil price chart

Oil price chart

Oil price chart

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