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    Technical analysis: key levels for gold and crude

    Gold continues to drift lower, but with Fibonacci support in play we could see a move higher from here. Meanwhile, Brent continues its ascent following last week’s bullish breakout. 

    anonymous

    Publication date : 2017-09-18T10:10:11+0100

    Oil
    Source: Bloomberg

    Gold keeps drifting lower

    Gold is continuing its decline following last week’s weakness. The lack of any notable reaction to the intercontinental missile test from North Korea last week, is a potential warning sign for gold. However, given the trend we currently have in place, the 76.4% and trendline support confluence looks like an interesting area to look for longs.

    A break below $1298 would negate the current bullish outlook. However, with a clear uptrend in place here, it looks like we could see the bulls come back into play once more. 

    Gold chart

    Gold chart

    Gold chart

    Brent continues to gain above key resistance

    Brent broke through a crucial resistance zone on Wednesday, providing a more bullish outlook for the medium term. For now, we have seen the price pull back into the crucial $54.87 level, testing it as new-found support.

    A break back below $54.73 would point towards a short-term period of weakness. However, until then, we look likely to continue this current ascent.

    Oil chart

    Oil chart

    Oil 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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