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Technical analysis: key levels for gold and crude

Both gold and Brent turn lower, with crucial resistance levels capping recent upside.

Joshua Mahony

Joshua Mahony
Senior market analyst, London

2017-10-24T09:59:02+0100

Gold bars
Source: Bloomberg

Gold turning lower from key resistance

Gold is moving lower from the 100-period simple moving average (SMA) (4-hr) region this morning, in what looks like it could be another move into trendline support.

There is still a strong possibility that we are simply seeing a retracement of the $1260-1306 rally, and as such, a bullish reversal could still come into play before long. However, we have not yet seen a sign of such a move, and as such there is a good chance today’s short-term moves will be to the downside. 

Gold chart

Gold chart

Gold chart

Brent continues to struggle with major resistance level

Brent is turning lower this morning, with the past week seeing the market fail to take the $58.48 resistance level. That long-term level needs to be broken to provide a wider, longer-term bullish outlook.

However, with the price failing to create a new high, and now heading lower, there is a chance we could begin to see this market reverse lower from here. Keep an eye out for the $56.44 level, which must be broken to point towards a period of downside for Brent.

Brent oil chart

Brent oil chart

Brent oil chart

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money. Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.