Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold looks set for further upside, while crude continues to consolidate in the wake of the recent OPEC+ production cut.

Video poster image

Gold continues to gain ground amid recent recovery

Gold has been gaining ground over the past month, with the break through $1243 providing a wider bullish continuation signal.

With the price heading back into the previous high of $1250, a rally through that level would signal a likely continuation over the near term. As such, further gains look likely from here, with a break below the prior swing low required to negate this current short-term trend.

Gold price chart

Brent turns lower from consolidation top once again

Brent crude has once again failed to break through the recent consolidation top of $63.60, despite the Organisation of the Petroleum Exporting Countries and included non-members such as Russia, Mexico and Kazakhstan, among others (OPEC+) decision to cut production in the first half (H1) of 2019.

With a descending trendline and horizonal resistance up ahead, we need to see some key levels broken to the upside if we are to start seeing the bulls come back into play. Until then, watch out for whether we respect the ascending trendline of support, with a break below $58.48 providing a bearish breakdown signal.

Brent price chart

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IG Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.

Find articles by writer