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Technical analysis: key levels for gold and crude

Gold is looking at risk, with the price weakening from the 61.8% resistance. Meanwhile, Brent looks set for further upside following a break into near four-year highs.

Joshua Mahony JMahony_IG
Senior Market Analyst, London

Publication date : 2018-09-25T09:48:09+0100

Gold turning lower from 61.8% retracement

Gold has started turning over yet again, following on from a rally into the 61.8% retracement level.

There is a strong chance that we will see the market continue to turn lower, with the failure to break above $1212 seemingly paving the way for another move towards the downside. Given the wider downtrend, the ability to break below $1919 will be key in pointing towards another strong move towards the downside.

Gold chart

Gold chart

Gold chart

Brent breaks into near four-year high

Brent managed to break through the $80.49 resistance area yesterday, hitting the highest level seen in almost four years.

It looks like we will see further gains over the near term, with a break below $77.81 required to negate the wider bullish trend.

Brent chart

Brent chart

Brent 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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