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 consolidation retains a bullish outlook, while Brent reaches a major long-term resistance that will guide price action going forward.

Video poster image

Gold continues to consolidate within uptrend

Gold has moved lower this morning, with the price consolidating off the back of a recent uptrend.

The price remains within an uptrend, with the creation of higher highs and higher lows in place, despite this current consolidation. With that in mind, a bullish outlook is in place, with a break below $1308 required to provide a signal of possible short-term downside. 

Brent rallies into long-term resistance

Brent has gained significant ground over recent weeks, with the price rallying into the crucial $69.24 resistance level today, which is the high from May 2015. A break above there would form a new three-year high for Brent.

As such, watch out for the reaction to this, with a convincing follow through on any break above there pointing towards further gains. However, the importance of this level provides the potential for a reversal. So, watch the reaction to this level as a guide to whether this uptrend will persist.

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