Technical analysis: key levels for gold and crude
Gold looks set for further upside amid recent gains. Meanwhile, Brent is finally starting to show more bullish signals in the middle of wider declines.
Gold uptrend continues unless told otherwise
Gold has been trending upwards in a remarkably consistent manner. This looks likely to continue further, with a short-term downside providing little in the way of anxiety for bulls.
The key bearish signal to watch for is a drop below the most recent swing low, which is currently $1279. Until then, further upside seems likely from here.
Brent could return to test trendline resistance once more
Brent managed to rally into trendline resistance yesterday, with the price drifting lower since. However, with crude prices seemingly forming a bit of a base, there is a good chance we will see another push upwards to attempt to break through that same trendline.
This would be the first bullish signal following a protracted sell-off that took Brent from $86.00 to $50.00. With the price so oversold, there is a good chance we will see the bulls start to gain some traction, and thus, as long as we remain above the $52.02 swing low, further upside seems a distinct possibility.
IGA, may distribute information/research produced by its respective foreign affiliates 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.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. 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, and 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. Please see important Research Disclaimer.
Please also note that 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 an opportunity to trade?
Go long or short on more than 13,000 markets with IG.
Trade CFDs on our award-winning platform, with low spreads on indices, shares, commodities and more.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
