Technical analysis: key levels for gold and crude
Gold continues to push upwards, while Brent returns to the top of a short-term range.
Gold gains ground after Fed meeting
Gold has been blazing a trail higher over the past two months, with yesterday’s Federal Reserve (Fed) meeting providing yet another boost for the precious metal.
This takes us past the 76.4% retracement, which means that there is a good chance we are heading towards the $1365 area over the medium term. Previous rallies have seen gold moving back into the $1265-$1275 region and this looks like a similar picture. As such, further upside seems likely, with a break below $1277 required to negate this bullish trend.
Brent consolidating at notable resistance level
Brent has been largely rangebound over the past three weeks, with upside largely capped by the $62.52-63.02 range.
Given the price is now slowing at that $62.52 region, it looks like a distinct possibility that we will see the price start to turn lower. A break through $63.02 would be required to highlight another likely move higher from here.
This information has been prepared by IG, a trading name of IG Markets Ltd 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. See full non-independent research disclaimer and quarterly summary.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets