Skip to content

Important Notice: IG Markets South Africa will no longer provide Trading Accounts. This change does not affect existing International/offshore accounts. New applications will be supported by IG International, part of IG Group, via https://www.ig.com/en. Important Notice: IG Markets South Africa will no longer provide Trading Accounts. This change does not affect existing International/offshore accounts. New applications will be supported by IG International, part of IG Group, via https://www.ig.com/en.

Technical analysis: key levels for gold and crude

Gold and Brent are hesitating, yet it looks likely we will see gold turn lower again, while Brent is expected to strengthen further.

Video poster image

Gold sells off after recent ascent

Gold has been moving lower off the back of a period of gains which took us into the top end of a range.

That rally into trendline support has since provided us with a move lower, which seems likely to persist despite early gains today. Unless we see a move through the $1208 mark, this current rally looks unlikely to last, with further downside expected to retain within the range.

Gold chart

Brent rallying higher from shallow pullback

Brent has been pushing higher after a shallow 38.2% retracement, with the uptrend remaining intact.

With the price slowing now, there is a good chance that we will see a pullback, but whether that happens or not it looks likely we will push upwards again, as long as the price does not fall below $83.94.

Brent chart

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.

Find articles by writer

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.