CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold has been unable to capitalise on its bounce last week, and oil is still finding it impossible to rally.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-11-05T09:41:31+0000

Video poster image

Gold stalled below $1235

The price of gold has been unable to move on above $1235, still constrained by this resistance level.

A daily close above this reignites the bullish case and opens the way to $1260. A turn lower from $1235 targets the bottom end of the recent range, at $1214.

Gold chart

Gold chart

Gold chart

WTI still on a downward path

So far there is little indication that the price of WTI has stopped falling, although for the moment it is continuing to hold support around $62.56.

A daily close above $65.50 would clear a previous resistance area (and also an area of support earlier in October), but any rally up towards this level that fails to keep moving higher becomes a selling opportunity.

WTI chart

WTI chart

WTI chart

The information on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG Bank S.A. accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it and as such is considered to be a marketing communication.

Find an article

Find articles by writer

CFDS are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

This website is owned and operated by IG Bank S.A. Registered address at 42 Rue du Rhone, 1204 Geneva, authorised and regulated by FINMA.

The information on this site is not directed at residents of the United States and Belgium, or any particular country outside Switzerland and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.