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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

Shaun has worked in financial markets for over ten years. As market analyst, he presents our CFD trading seminars around the country. In addition, Shaun is a regular commentator on the local financial markets, contributing to various media (such as CNBC Africa and Business Day) and writing daily and weekly market reports. He is a registered person at the JSE as well as a Certified Financial Technician (CFTE). You can follow Shaun on Twitter at @ShaunMurison_IG for regular market updates and insight.

 

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01 February 2022

Brent Crude Oil

The price of Brent Crude has continued to grind higher towards channel resistance at 93.80 (89.00 currently).

The long-term trend remains firmly up, although the price of crude also continues to trade in overbought over the near term.

Our preferred approach to trading oil is to wait for a correction from overbought territory before finding long entry in line with the prevailing uptrend.

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Spot Gold

Last week’s break above 1830 failed to reach our guided resistance target at 1875. Instead, the price of Spot Gold has retraced to find support at the 1780 level.

Currently we have a bullish price reversal forming at the 1780 support level and from oversold territory. The reversal suggests 1830 to be the initial upside resistance target from the move.

Traders who are long might consider using a close below 1780 as a stop loss indication for the trade. However, it needs to be considered that the current setup may not provide a very favourable risk relative to reward scenario.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

 

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08 February 2022

Spot Gold

The price of USD denominated gold has rallied after reversing off the 1780 support level last week. The commodity price has however failed to reach the 1830 resistance target just yet.

The short-term price range for gold is currently considered between levels 1780 and 1830. Traders not already committed to a trade on gold might consider waiting for one of the following scenarios to manifest before entering either long or short.

A break above the 1830 level (confirmed with a close) would target resistance at 1875. In this scenario a move below the 1810 level may be used as a stop loss indication for the trade.

Alternatively, a bearish price reversal before the 1830 level could suggest a short entry opportunity, targeting a move back towards support at 1780. In this scenario, close above the reversal high of 1830 might be used as a stop loss indication for the trade.

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Brent Crude Oil


The price of Brent Crude remains in a long-term uptrend, although in the short term we are starting to see a correction from overbought territory.

Our preferred approach to trading oil remains waiting for a correction from overbought territory to take place before finding long entry in line with the prevailing uptrend.

85.90 becomes the initial support target from the correction and first point where we would consider looking for long entry.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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15 February 2022

Spot Gold

The price of dollar denominated gold managed to close above the 1830 mark and rally to our next resistance target of 1875 over the last week.

Currently however, we are seeing a bearish price reversal forming off the 1875 resistance level. Traders who were long might consider exiting their trades on the reversal if profit was not taken at the 1875 target.

A close below 1850, would see 1830 and 1810 as support targets from the move.

Traders looking to re-enter long positions might prefer to wait for a bullish price reversal at one of these support levels, or on a break above (confirmed with a close) the 1875 level.

 

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Brent Crude Oil


The price of Brent Crude has now started to correct from highs and overbought territory. The long-term uptrend does however remain firmly intact.

In turn, our preference remains waiting for long entry on a bullish price reversal closer to one of our labelled support levels, rather than looking to short from current levels.

 

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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  • 3 weeks later...

08 March 2022

Spot Gold

The price of Gold has now broken out of the long-term range on gold which has been in place since late 2020.

The move above range resistance at 1960, now targets the all-time high at 2070. Traders who are not already long the breakout, might hope for a second opportunity to do so should we see a pullback towards support (1960) from overbought territory.

Only on a move (close) below the 1910 level would we consider the upside breakout to have failed.

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Brent Crude Oil

The price of Brent Crude has moved exponentially higher over the last week on the threat of trade disruption through sanctions on Russia.

The three steepening trend lines on our chart highlights this accelerating trend. This phenomenon is often referred to as a price blow off in technical analysis terms. This suggests that recent gains might have capitulated in the near term and in turn, we could see a short-term price correction to follow.

11700 and 10100 provide support targets from the move should a correction manifest. Traders respecting the long-term trend would not look to short the correction, but rather look to accumulate long positions on a pullback towards support.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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15 March 2022

Spot Gold

The Gold breakout highlighted last week, quickly saw the all-time high tested in the days which followed.

The price is however undergoing its first pullback / correction from the high. We are looking for a bullish price reversal from current levels or towards the 1910 level to re institute long positions on gold. In this scenario we would look to a close below the reversal low as a stop loss indication for the trade, while using the 1960 resistance level as the initial target from the move.

The longer-term trend is still considered up, so we are not looking at shorting the current correction. However, if the 1910 level does not hold, we would then look to reassess our trend bias towards trades on the commodity.

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Brent Crude Oil

The price blow off on Brent Crude suggested in last week’s commentary has come to fruition, as the commodity undergoes a sharp correction from overbought territory.

Brent is currently testing trend line support at around 101. Should this level not hold, 85.60 becomes a further possible downside target.

While we are undergoing a short term correction, we continue to respect the longer term trend which remains up. In lieu of this we are looking for a bullish reversal at either trend line or horizontal support to re initiate long positions.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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22 March 2022

Spot Gold

After rallying to the high at 2075, the price of Gold retraced back to the 1910 support level.

The price is now consolidating between levels 1910 (support) and 1960 (resistance).

Our preferred approach here is to wait for an upside break of resistance at 1960 to look for long entry, targeting a move back towards 2015 initially.

We are still looking at keeping a long bias on gold (for the time being) in lieu of the price having experienced only its first pullback from a recent high.

Where our upward trend bias will become challenged, is if instead we see a move below the 1910 and 1875 support lows respectively.

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Brent Crude Oil

The price of Brent Crude has formed a bullish price reversal off trend line support around the 10100 level. The bullish price reversal is supported by a sharp move out of oversold territory.

11770 and 12370 provide initial gap resistance and or upside targets from the current move higher.

Traders who are long might consider using a close below the 10780 level as stop loss indication for the trade.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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29 March 2022

Spot Gold

The price of Gold after testing an upside break from the near-term range between levels 1910 and 1960 respectively, has moved back into this range.

In line with the recent aggressive move higher, we still consider a long bias to trades on the commodity.

For long entry we would like to see a bullish price reversal off the 1910 level, or a bullish break above the 1960 level. Only on a move below 1875 would we reassess our current bias to trades on gold.

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Brent Crude Oil

The price of Brent Crude rallied above our initial gap resistance target of 11770 last week. Since then, we have seen a sharp price reversal and in turn retracement back to the 10780 level.

The long-term trend for oil remains up and we continue to favour a long bias to trades on the commodity.

For long entry we are looking for a bullish move off current support (10780) or lower trend line support at 10300. In this scenario, 11770 would again be our initial upside target, while a close below the reversal low would be used as a stop loss consideration for the trade.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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  • 3 weeks later...

19 April 2022

Spot Gold


Our upside breakout scenario for gold has manifested with the price closing above range resistance at 1960. The breakout has seen a move to 1998, short of our 2015 target. The price is also overbought at present.

We continue to prefer keeping a long bias to trades on gold, although recognise the near term overbought signal.

Our preference is to look for new long entry on a pullback from overbought territory towards the 1960 support level, with 2015 the longer-term upside target. Traders who find long entry into a pullback might consider using the mid-point of the range as a stop loss indication (1935).

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Brent Crude Oil

Last week’s bullish price reversal from 97.80 and oversold territory worked out well, with the price trading through our initial resistance target at 10970. The move above this level suggests 11770 to be a further upside target from the move.

The price of Brent has however moved into overbought territory. In turn, traders who are looking to squeeze out further gains might consider trailing their stop to a two-day low.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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In the report this week, we look at the following markets:

 

Spot Gold

The price of Spot Gold has continued to retrace from the high at 1997 and has now broken the 1910 support level.

1875 becomes the next support target from the move and if broken, trendline support at 1840 becomes a further target.

We deem the long-term trend to be up despite short term weakness. In lieu of this we are not looking to short the near-term weakness.

We are instead waiting for a bullish price reversal at one of the aforementioned support levels, accompanied by a move out of oversold territory to reinstate long positions. In this scenario, 1910 and 1997 respectively provide upside targets, while traders could consider using a close below the reversal low (should it occur) as a stop loss indication for the trade.

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Brent Crude Oil

The long-term trend for Brent remains up as the price continues to trade firmly above the 200-day simple moving average.

In the short to medium term the price appears to be consolidating. We have seen a bullish intraday price reversal off the 9890 support level. Should today’s candle confirm with a higher close this could suggest a range trading opportunity.

In this scenario 11285 becomes the initial upside target from the move. Traders who find long entry might consider using a close below the 9550 low as a stop loss indication.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

 

 

 

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3 May 2022

Spot Gold

The price of dollar denominated gold has now pulled back towards trend line support. The longer-term trend remains up provided we don’t see trend line support broken with a close below the 1840 mark.

We are hoping to see a bullish price reversal from current oversold levels at support, before looking for long entry. In this scenario, 1875 and 1910 become upside resistance targets from the reversal, while a close below the reversal low would be used as a stop loss indication for the trade.

Should the price instead close below trend line support at 1840, 1780 would become the downside support target from the move. In this scenario we would need to reassess our long bias to trades on gold.

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Brent Crude Oil

The long-term trend for Brent remains up as the price continues to trade firmly above the 200 day simple moving average (SMA).

In the short to medium term the price appears to be consolidating. We have seen a bullish intraday price reversal off the 9890 support level. Traders who are long from the reversal may continue to target 11285 as the initial resistance target from the move.

Last week’s stop loss suggestion of a close below 9890, is now moved higher to a close below the 10300 level. The trailed stop loss consideration should ensure a reduced risk to the long trade position.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

 

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  • 2 weeks later...

17 May 2022

Spot Gold

Over the last week we have seen the price of dollar denominated Gold break trend line support (now removed from chart) before moving to test the 1780 level. The longer-term uptrend has now been broken and we assume a broad range trading environment for the time being.

The red arrow highlights a bullish price reversal just above the 1780 support level. The intraday price reversal is seeing some follow through today as gains are extended. The price reversal is supported by a move out of oversold territory.

The range between 1890 and 1910 become resistance targets from the reversal. Traders who are long might consider using a close below 1780 as a stop loss indication for the trade.

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Brent Crude Oil

A bullish price reversal off the 103.00 support level has worked out well with the initial resistance target of 112.85 now exceeded.

The upside breakout favours 12000 as the next upside resistance target from the move. Traders who have been long might consider trailing their stop loss higher to the 110.50 level ensure a risk-free trade.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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24 May 2022

Spot Gold

The bullish price reversal just above the 1780 support level highlighted last week has yielded some modest gains as the price moves towards the 1890 resistance target.

The move has however started to lose momentum as noted by the last few small-bodied candles.

Traders who have been long into the move might consider looking to lock in profits at current levels.

A broad trading range for gold remains our view for the current price action of the precious yellow metal.

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Brent Crude Oil

The price of brent crude has renewed its consolidatory environment with resistance now considered at the 11400 level and support between the 9890 and 10300 levels.

The longer term trend for oil remains up and in turn we still consider keeping a long bias to trades on the commodity.

For long entry we are looking for either an upside break of the 11400 level (confirmed with a close) or in the event of a retracement, a bullish reversal between the 9890 and 10300 support levels.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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31 May 2022

Spot Gold

Following the rebound off support, the price of dollar denominated gold has moved into a short-term consolidation between levels $1840/oz (support) and $1870/oz (resistance).

Our preference is to wait for a breakout rather than trade the narrow directionless range at present.

A close above $1870/oz would suggest an upside breakout with $1890/oz and $1910/oz as respective upside targets from the move.

A close below $1840/oz would suggest a downside breakout with $1810/oz and $1780/oz as support targets.

In both breakout scenarios, the mid-point of the current range could be used as a stop loss consideration.

053122_SpotGold.png

 

Brent Crude Oil

The price of Brent Crude has now broken range resistance and looks to be continuing the longer term uptrend at present. The $120/barrel resistance target is now being tested. A break of this level, confirmed with a close would see $129.50/barrel as a further upside target from the move.

Traders who are long into the breakout might consider using a move below the two day low as a stop loss indication for the trade.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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07 June 2022

Spot Gold

After a failed break of what was range support at $1840/oz, the price of dollar denominated gold has continued to consolidate but within a broader range. The range is now considered between levels $1830/oz and $1875/oz (resistance).

The price action suggests either trading between the levels of this range or waiting for a breakout from this range.

A breakout in either direction would however see support or resistance (depending on breakout direction) in close proximity. This suggests an unfavourable risk relative to reward assumption should the scenario present itself.

In turn our preference right now is to remain neutral on trades of the commodity, waiting for a better trade scenario to manifest.

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Brent Crude Oil

The price of brent crude has now given us multiple long side opportunities to trade, the most recent being a bullish price reversal at the 11400 support level. After trading through the $120/barrel mark we are once again seeing a pullback in the commodity price.

The long term trend remains up and we continue to keep a long bias to trades on oil. We are looking for a sign that the weak momentum pullback is over, before looking to re-enter, targeting $129.50/barrel as a further upside target.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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14 June 2022

Spot Gold

After testing the upside of our range at 1875, the price of dollar denominated gold has promptly fallen to break support at 1830.

In our previous note it was suggested that 'A breakout in either direction would see support or resistance (depending on breakout direction) in close proximity. This suggests an unfavourable risk relative to reward assumption, should the scenario present itself’.

In turn, our preference remains a neutral positioning for trades relating to gold right now as we wait for a higher probability scenario to manifest.

061422_SpotGold.png

 

Brent Crude Oil

After a brief pullback from a short term high, the price of Brent Crude has retraced to find support on our dotted black trend line. Circled blue, we see a bullish price reversal at this trend line, suggesting the end of the pullback, and possibly renewed gains to follow.

12340 becomes our initial target from the move, a break of which (confirmed with a close) sees 12950 as a further target from the move. Traders who are long might consider using a close below trend line support as a trailing stop loss consideration.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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21 June 2022

Spot Gold

A bullish reversal off the $1810/oz support level has resulted in a rally towards the $1860/oz level before petering out as momentum to the move starts to fade.

With the lack of directional momentum at present on dollar denominated Gold, we continue to prefer a neutral positioning on the commodity awaiting a higher probability setup to manifest.

Key levels where we would consider new trading opportunities are at $1890/$ or $1780/$. It is at these outer extremities where we will be looking for bullish reversals or breakouts.

062122_SpotGold.png

 

 

 

Brent Crude Oil

Last week’s bullish price reversal has failed with the price of Brent Crude instead falling to close below lateral support at 11400.

The signals at present are a little ambiguous as the break of support has been followed by a new bullish price reversal (circled blue) and an oversold signal on our stochastic oscillator.

The longer term trend remains up with the price still trading firmly above the 200 day simple moving average (blue line).

We are looking for a close above resistance (previously support) at 11400 to validate the bullish price reversal before assuming the short term continuation of the longer term uptrend. In this scenario, 12340 becomes our initial upside resistance target, while a close below the reversal low at 10970 could be used as a stop loss indication for the trade.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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28 June 2022

Spot Gold

A bullish reversal off the $1810/oz support level has resulted in a rally towards the $1860/oz level before petering out as momentum to the move starts to fade.

With the lack of directional momentum at present on dollar denominated gold, we continue to prefer a neutral positioning on the commodity awaiting a higher probability setup to manifest.

Key levels where we would consider new trading opportunities are at $1890/$ or $1780/$. It is at these outer extremities where we will be looking for bullish reversals or breakouts.

062822_SpotGold.png

 

 

Brent Crude Oil

The price of Brent Crude has formed a bullish price reversal from oversold territory just above the 10300 support level.

The short term bullish reversal aligns with the longer term uptrend. 11790 becomes the initial upside resistance target from the move. Traders who are long might consider using the 10600 level as a stop loss consideration for the trade.

Traders will also be aware OPEC+ production meetings taking place on Thursday the 30th of June as a possible directional catalyst for the commodity.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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05 July 2022

Spot Gold

Gold after breaking the 1810 support level, has moved towards the 1780 level and formed an intraday price reversal (circled blue).

The price reversal has however failed to confirm with a higher close in the following session and gold is now renewing its decline.

We continue to consider a long-term range trading environment for dollar denominated gold. In turn we are looking for a bullish price reversal to form closer to the 1780 level of support before looking for long entry.

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Brent Crude Oil

While we still consider the long term trend for oil to be up, the price of Brent has now moved into a short term consolidation between levels 10600 (support) and 11300 (resistance).

The long term trend suggests keeping a long bias to trades for now. Long entry could be considered on a bullish price reversal at either the 10600, 10300 or 9890 support levels, or a break above range resistance at 11300.

Should the price instead move to close below the 200 day simple moving average (blue line) at 9890 only then would we reassess our bias to trades on the commodity.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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12 July 2022

Spot Gold

Gold has now continued to fall and break the 1780 level before finding tentative support at the 1720 level.

The series of lower highs and lower lows now suggests the trend bias to be down, although the gold price is also oversold at present.

A rebound from oversold territory could see the price moving back towards the 1780 resistance level. Traders respecting the longer-term downtrend might consider looking for short entry in this scenario on a bearish price reversal before the 1780 level. Alternatively, traders might consider short entry on a downside break of the 1720 support level, targeting the next level of support at 1680.

071222_SpotGold.png

 

Brent Crude Oil

Brent Crude remains in a broad range trading environment over the short to medium term. However, the long term uptrend highlighted in previous guidance is now coming under threat, as the price moves to test the 200 day simple moving average.

A bullish price reversal off the 9890 level would consider long entry, with 103.00 and 106.00 respective upside targets. In this scenario, traders could use a close below the reversal low or 9890 as a stop loss indication for the trade.

In the event that we see the 9890 support level instead broken, before a bullish price reversal has formed, we would reassess our long only bias to trades on the commodity.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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19 July 2022

Spot Gold

Gold has now continued to fall and break support at the 1720 level.

The series of lower highs and lower lows now suggests the trend bias to be down, although the gold price is also oversold at present.

A rebound from oversold territory could see the price moving back towards the 1780 resistance level.

Traders respecting the longer-term downtrend might consider looking for short entry in this scenario on a bearish price reversal before the 1780 level. This is our preferred approach to trades on gold right now.

Alternatively, aggressive traders might consider short entry from the downside break of the 1720 support level, targeting the next level of support at 1680. For this setup a stop loss could be used on a move back above the 1745 level. However, traders will need to assess the risk relative to reward assumptions of this scenario (1:1) which we do not think is favourable enough.

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Brent Crude Oil

Brent Crude has technically traded below the 9890 and 200 day simple moving average support levels. It is however off these levels we are seeing a price rebound starting to manifest.

Our longer term trend bias on the index has now moved to sideways. In turn we are happy to trade according to reversals and breaks of levels in either direction.

The current scenario now sees a bullish price reversal off the 98.90 level with 103.00 and 106.00 respective upside targets. Traders who are long might consider trailing their stop loss to a close below the one day low. To unlock gains towards the 113.00 a break (close above) of the 106.00 level is needed.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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26 July 2022

Spot Gold

The long-term trend for Gold remains down. In the near term we have seen a partial rebound from oversold territory. This rebound has found a tentative end with the bearish candle formation (circled blue).

The candle reversal is with small-bodied candles which provides a low conviction to the reversal, although we continue to believe that the bias for gold remains down.

Our preference would be to see a lower close in today’s session (or in upcoming days) before targeting a move lower back towards the 1680 support level. In this scenario a close above the 1745 might be used as a stop loss consideration for the trade.

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Brent Crude Oil

Brent Crude has technically traded below the 9890 and 200 day simple moving average support levels twice now. It is however off these levels we are seeing a price rebound starting to manifest once again.

Our longer term trend bias on the index has now moved to sideways. In turn we are happy to trade according to reversals and breaks of levels in either direction.

The current scenario now sees a bullish price reversal off the 98.90 level with 103.00 and 106.00 respective upside targets. Traders who are long might consider trailing their stop loss to a close below the one day low. To unlock gains towards the 113.00 level, a break (close above) of the 106.00 level is needed.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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02 August 2022

Spot Gold

The rebound from oversold territory has taken the price of gold through trend line and back above the 1780 resistance levels. Should we close above 1780, this would suggest 1805 as a further resistance target from the move.

The price of gold does however continue to trade below the 200-day simple moving average (blue line) and is looking overbought at this stage. In turn we are not looking to find long entry into the current move higher.

Our preference is to look for short entry on a bearish price reversal before the 1805 level. If the 1805 level is instead broken to the upside, we will start to reconsider our trend bias to trades on gold.

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Brent Crude Oil

Last week’s bullish price reversal off the 9890 support level saw a test of our 10600 resistance target. The price has since returned back to the 9890 support level, confirming our short term range (9890 to 10600).

The longer-term trend is also considered non- directional at this stage, so we are happy to trade in either direction depending on the circumstance.

A bullish reversal off the 9890 level would once again favour a retest of the 10300 to 10600 levels. In this scenario, traders could use a close below the 9890 as a stop loss consideration.

Should we instead see a break below the 9890 support level, confirmed with a close below, 9550 and 9285 become downside support targets from the move. In this scenario the stop loss consideration would be more discretionary, possibly on a close above the one or two day high.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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  • 3 weeks later...

23 August 2022

Spot Gold

Last week’s highlighted bearish reversal at resistance (circled red) and from overbought territory, has conformed to guidance with gold trading through our initial support target at 1755.

We still assume the longer-term trend bias to be down although recognise the oversold signal in the near term.

In the event of a rebound from oversold territory, we will be looking to renew short positions, provided that we see a bearish reversal end the move higher before the 1805 level is broken. In this scenario, 1755 and 1715 would become respective downside targets and a close above the reversal high would be considered as a stop loss indication for the trade.

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Brent Crude Oil

The support low at 92.85 for brent crude has held up with the price of the commodity since (testing this level) starting to rebound from oversold territory.

The rebound now sees trend line resistance being tested. A close above trend line resistance would see 99.70 as the next upside resistance target from the move.

The longer term trend for crude is sideways. The current move hints at a reversal of the short to medium term downtrend in place.

Our preference is not to trade the current move higher, but rather wait for it to play out before assessing our next move. If we see a strong upside break with convincing momentum, we will look for the first pullback from the move for long entry. If we see the upside break lacking conviction and instead grinding higher, we will be looking for a bearish reversal at one of our resistance levels for short entry.

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Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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30 August 2022

Spot Gold

The rebound from oversold territory reached a short-term end with the bearish candle pattern circled blue. The bearish reversal sees a short-term alignment with the longer-term downtrend which remains in place.

Traders who are currently short might consider a retest of the 1720 low as the initial downside target from current. A break below this level, confirmed with a close would suggest 1680 as a further target from the move. Traders who are short might also consider using the dotted trend line on our chart as a trailing stop loss indication.

 

083022_SpotGold.png

 

 

 

Brent Crude Oil

Last week’s reversal off support and trend line break to the upside has seen some follow through with the price of Brent Crude reaching a short term high at around 10365. The price is however now forming a bearish price reversal from overbought territory.

A negative close on today’s candle would confirm the bearish price reversal and suggest a pullback from the initial move higher. Traders might consider looking for long entry on a pullback towards trend line support (previously resistance).

 

083022_BCO.png

 

 

 

 

image.png

Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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06 September 2022

Spot Gold

The bearish continuation pattern (circled blue) highlighted last week, has done well in predicting further downside for the price of gold. A break of the 1720 level saw an attempt towards the 1680 support level.

Circled black we now see a bullish price reversal just above the 1680 support level. The bullish reversal is supported by an oversold signal as well. The dotted trend line remains resistance. We would like to see a close above this level before targeting a retest of 1760.

 

090622_SpotGold.png

 

 

Brent Crude Oil

Last week’s bearish reversal (circled blue) has resulted in the price of brent crude moving to retest support at the 9285.

We continue to consider a broad range trading environment for the commodity. In turn we are looking for a bullish price reversal to form off this (9285) level of support and target a move back towards the 9890 and possibly 10340.

Should a bullish price reversal not form from current and instead we see a close below 9285, the next support level at 8850 would be the initial target.

However, we would not look to short the move lower, but rather hope to find long entry on a bullish reversal just above 8850.

090622_BrentCrudeOil.png

 

 

image.png

Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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13 September 2022

Spot Gold

The long-term downtrend for gold looks to be continuing as we see the short term rebound ending with a bearish engulfing candle pattern (circled black).

Support levels at 1680 and 1665 respectively become downside target considerations from the resumption of the longer-term downtrend. Short term traders committed to this move lower might consider using a close above the 1735 level as a stop loss indication for the trade.

091322_SpotGold.png

 

 

Brent Crude Oil

The price of brent crude did find support at the 8850 level over this last week, from which it has formed a bullish price reversal out of oversold territory. Now through the 9285 level, 9890 becomes the next upside resistance target from the move. Traders who are long might consider moving their stop level from a close below the reversal low, to a close below the previous day’s low.

091322_BrentCrudeOil.png

 

 

 

image.png

Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.

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