Technical analysis: key levels for gold and crude
Gold is still trying to break higher, while Brent is, for now, being supported around the $62 level.
Gold still trying to break higher
Another attempt to break higher yesterday was beaten, but the price of gold has recovered to an extent and is back at $1285.
From here the next target is downtrend resistance from the February highs, which would come into play around $1293.
Brent holds support for now
The price has fought to hold $69.20 this week for Brent, and has succeeded so far.
But lower highs from 25 April are still in place, putting significant bearish pressure on the commodity. The next level of possible support it $66.80, while a move back above $70.80 would provide a more bullish view and suggest that a higher low is in place.
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
