Technical analysis: key levels for gold and crude
Gold has managed to break through key support, with one support level in the way of another leg lower. Meanwhile, Brent has broken through a notable resistance level, bringing about a heightened chance of further upside.
Gold breaking into bearish phase
Gold has managed to break through the bottom of a symmetrical triangle formation, with the price currently heading into a critical support level at $1277.
A break below that level would signify the likely beginning of a bearish phase for the metal as it goes about giving back much of the upside seen in the back end of 2018.
Brent breaks through key resistance level
Brent has managed to break through the key $62.52 resistance level, bringing an end to the bearish break seen a week ago.
We still have the $63.75 level to contend with up ahead. However, it looks likely we will continue to grind higher following this important bullish break.
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.
See an opportunity to trade?
Go long or short on more than 16,000 markets with IG.
Spread bet and trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets