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Technical analysis: key levels for gold and crude

A strong dollar means that commodities have found it hard to hold their ground this morning.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-03-13T09:54:39+0000

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Gold retreats from overnight levels

A fresh downward move is developing for gold, with the price dropping back from overnight highs once again.

Below $1314, the $1307 and $1298 levels come into play. Any bounce that fails to move above $1333 remains a selling opportunity. It would require a close above $1340 to really suggest a turn higher is underway.

Gold chart

Gold chart

Gold chart

Brent recovers slightly

The price has trended lower since late January, with rallies being sold for Brent.

This was played out yesterday, with a bounce back to $65.80 finding selling pressure. While it has recovered since, any rally that fails to move above $66.00 is another lower high and thus a possible selling opportunity. Further declines target $63.00 and $61.64.

Brent chart

Brent chart

Brent chart

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