Technical analysis: key levels for gold and crude
Brent manages to turn higher after fall into key support level, yet with gold having broken such a level, the bears are in full control.
Gold continues to decline after $1303 break
Gold fell below the critical $1303 support level last week, paving the way for further downside. This weakness has been remarkably consistent ever since, with a brief rebound doing little to stand in the way of the bears.
We now have another notable support level to contend with, at $1277. For now, it makes sense to look for further downside, with a break through $1297 required to negate this bearish outlook.
Brent rebounding from key support level
Brent has started to turn higher after a sell-off from the 76.4% Fibonacci retracement level took us into the key $64.47 support region. Should we have broken below that level, it would point towards a wider period of weakness coming into play.
However, with the price instead moving higher, we are essentially awaiting a bullish break through $67.00, or a bearish move below $64.47.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
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
Live prices on most popular markets
- Forex
- Shares
- Indices
