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Technical analysis: key levels for gold and crude

Gold seeks to carve out further gains amid a strong start to 2017. Meanwhile Brent begins to deteriorate once more, set within wider downtrend over the past fortnight.

IG Analyst

Publication date : 2017-01-16T09:32:13+0000

Gold bars
Source: Bloomberg

Gold attempting to break higher once more

Gold has managed to break back above $1200 once more overnight, with price marginally creating a new 53-day high. However, despite this bullish move, we would need to see an hourly close above $1207 to provide a bullish signal.

There is still a risk of gold turning lower from this big resistance region and as such, a strong confirmation becomes important. Alternately, should we see an hourly close below $1188, then this would provide us with a more bearish near-term outlook.

Gold

Gold

Gold

Brent continues to weaken from Fibonacci resistance

Brent has continued to move lower, following last week’s move into the 76.4% resistance region. We are seeing price move lower, yet the creation of a falling wedge brings a potential warning sign. That being said, an hourly close below $55.50 would provide a strong sell signal for a continuation lower.

Alternately, we would need to see price break through $57.61 to negate the wider bearish view. 

Brent

Brent

Brent

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