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Technical analysis: key levels for gold and crude

Gold and Brent look likely to head lower once more, with retracements providing better areas to sell into.

IG Analyst

Publication date : 2017-06-22T10:15:13+0100

Gold mine
Source: Bloomberg

Golds turning lower from Fibonacci resistance

Gold is turning lower again this morning, following a rally into the 76.4% retracement yesterday. Crucially, there is additional confidence of a move lower from here given that the last swing high coincides with the head and shoulders neckline at $1257.

With that in mind, it seems likely we will see another move lower from here, with a break below $1241 pointing towards a continuation of the recent downtrend. A break through $1257 would negate this view.

Gold price chart

Gold price chart

Gold price chart

Brent consolidating after latest sell-off

Brent continues to trend lower, following yet another sharp move lower yesterday afternoon.

This bearish trend has shown little signs of letting up, but given the recent move lower and current consolidation, there is a chance we could see a short term bounce. Whether that happens or not, remains to be seen, but as long as the price stays below $46.79, further downside seems likely.

Brent price chart

Brent price chart

Brent price chart

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