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CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Technical analysis: key levels for gold and crude

Gold bears start to take control, while oil builds on its gains, continuing the broader divergence between the two commodities.

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Gold’s rally coming under threat

The push above $1200 has faltered for gold, and further declines are seeing the price push below the lows from Tuesday.

A close below $1187 would suggest $1180 and then $1160 are back in play, as a lower high in the current downtrend is created. A close above $1200 is needed to reignite the move higher, targeting $1205 and then $1214 in the short term.

Gold price chart

Brent hits key resistance zone

The Brent price has rallied to the area of resistance around $76.00 that has held back progress since the middle of July.

A push above $76.00 would target $78.00 and trendline resistance running above the May and July highs. A turn lower targets the $70.85 area of support that held last week.

Brent price chart

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CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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