Skip to content

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

Technical analysis: key levels for gold and crude

Gold has approached a crucial support level, where a break lower would signify the beginning of another period of weakness. Meanwhile, WTI is attempting to regain ground following the respect of the 61.8% retracement level.

Video poster image

Gold consolidates above key breakdown level

Gold has been consolidating at the start of the week, following a fall towards $1190 from the four-hour simple moving average (SMA) resistance.

The ability to break below that $1190 level is key to understanding whether we are going to see a wider bearish picture come back into play. Given the lower high posted last week, a break below $1190 would point towards another sharp move lower from here.

Gold chart

WTI rebounds from Fibonacci support

WTI managed to rebound from the 61.8% retracement on Friday, with the market continuing to push higher this morning.

The key here is whether we can see a break through the $68.39 mark in order to signify the end of this pullback. As such, we could see further gains, yet it makes sense to wait for a break through that resistance level as a key to further gains.

WTI chart

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IG Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.

Find articles by writer