Technical analysis: key levels for gold and crude
Gold is showing signs of a potential bearish reversal, with a key support level to watch down below. Meanwhile, Brent is hesitating around key Fibonacci resistance.
Gold trendline break points towards bearish reversal
Gold has broken below an ascending trendline of support, with the market heading towards a crucial support level in what could be the beginning of a wider period of downside.
Should we see a break below the $1303 mark, it would look like we are set for a period of weakness, with the market giving back some of the gains seen throughout the past four months. As such, today is all about awaiting the answer on whether we will see $1303 broken or not, with a drop below that level paving the way for a more bearish phase.
Brent rallies into Fibonacci resistance
Brent rallied into the 76.4% resistance level this morning, with the market climbing gradually towards the $67.82 peak established last week.
Watch for how we react to this Fibonacci resistance level, with a bearish picture coming into play if we fail to break it and instead fall below the $65.90 level.
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
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only
