Brent crude oil, gold and platinum price forecasts 13 July 2023

Brent crude oil testing long term trend resistance

The price of brent crude oil is now testing a confluence of resistance of the 200MA (blue line) and 8080 level.
A break (confirmed with a close above) above both these levels would consider the longer-term downtrend to be broken, and instead a long term sideways trend would then be prevelant. In this scenario, the short bias to trades on the commodity currently assumed would no longer be relevent, and traders might consider long or short positions on breakouts of and reversals off labelled levels.

However should the current 8080 level hold and instead we see a reversal off this level, the long term downtrend would remain in tact. For new short entries, traders might look for such a reversal to produce a price close below the 7850 level, supported by a move out of overbought territory. In this scenario, 7510 would become the initial downside support target from the move, while a close above the reversal high might then be used as a stop loss indication for the trade.

Gold renews long term uptrend

The price of gold, after producing a bullish price reversal off the 200MA and breaking the short to medium term downtrend, has started to renew the longer-term uptrend. A move through the 1945 target now see’s 1980 as further resistance target. Traders who are long might consider using a close below the 1945 level as a stop loss indication for the trade.

Platinum reversal off range support

The long-term trend for platinum remains sideways as we see the price having whipsawed back and forth through the 200MA. The short to medium term downtrend has now reversed off range support at around 905. The reversal now targets the next level of resistance considered at the 980 level. Traders who are long might consider using a close below the 940 level as a stop loss indication for the trade.