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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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Technical analysis: key levels for gold and crude

Divergent fortunes for commodities, with investors flocking to gold while crude prices crumble. As gold hits a major resistance zone, could we start to see recent gains unwind?

anonymous

Publication date : 2017-03-22T10:29:55+0000

Gold rings
Source: Bloomberg

Gold breaks into crucial resistance confluence

Gold gained sharply yesterday, as investors went running for cover in the wake of a widespread risk-off move. While the price has broken higher from a symmetrical triangle this morning, it has since pushed into a major roadblock.

The confluence of a descending trendline and the 76.4% Fibonacci retracement provide us with a key hurdle that must be overcome if we are going to carry this rally onwards. As such, an hourly close above $1250 would resume the bullish outlook, whereas an hourly close below $1243 would point towards a period of weakness. 

Gold price chart

Gold price chart

Gold price chart

Brent challenging major support level

Brent is breaking lower once more this morning, with the price challenging the $50.32 level that marked last week’s low. An hourly close below that level signals a continuation of the downtrend, with further losses expected.

A wider, long-term picture shows the continued creation of higher highs and higher lows on the weekly timeframe. With that in mind, the downturn we are currently looking at could come into support around the 61.8% ($49.60) or 76.4% ($47.50) retracements. However, until we break the latest swing high, further losses seem likely, especially in the event of a break below $50.25.

Brent price chart

Brent price chart

Brent price chart

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

IG is a trading name of IG Markets Ltd and IG Markets South Africa Limited. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in order to utilise their foreign investment allowance should the South African resident wish to open an offshore account with IG Markets Limited.

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