Technical analysis: key levels for gold and crude
Gold is drifting lower, yet with the recent uptrend, another leg looks likely. Meanwhile, Brent has broken through a key resistance level, highlighting the possibility of a bullish breakout.
Gold drifting lower within recovery phase
Gold has been clawing back some of the lost ground over the past week, with the price moving into the 200-day simple moving average (SMA) resistance. That moving average has capped upside for the time being, yet this looks like a retracement before we post another leg higher.
While the wider picture does point towards a likely bearish reversal before long, we would need to see a break below $1291 to signal the continuation of that bearish reversal story. Until then, another leg higher looks likely, with further short-term downside simply looking like a better buying opportunity.
Brent rallies through key breakout level
Brent has managed to rally through the $67.82 resistance level this morning, providing confirmation to the similar move that happened in WTI yesterday. This points towards further upside to come, with a bullish view in place unless we see a break below $66.32.
From a wider perspective, this looks like the beginning of a strong surge for crude prices, and with the price having broken out of its recent consolidation, we are hoping to see the bullish bias really take hold in the coming days.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
You might be interested in…
Find out what charges your trades could incur with our transparent fee structure.
Discover why so many clients choose us, and what makes us a world-leading provider of spread betting and CFDs.
Stay on top of upcoming market-moving events with our customisable economic calendar.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.