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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 hit a crucial support level, putting it at a potential turning point, while oil’s surge shows no sign of stopping. 

Oil
Source: Bloomberg

Gold starts a bounce from the support zone

Gold bulls need to step up, and soon. The price managed to hold the $1264 support zone that was tested at the beginning of the month, and for now another bounce from here is in progress.

A close above $1285 would create a new intraday higher high, and put a more bullish spin on the outlook. If the price closes back below $1264 then we have a bearish picture, with $1246 and $1239 in play. 

Gold chart

WTI reaches highest level for months

The surge in price has carried WTI to a level not seen since April. While some skittishness is likely, any pullback towards $52.00 remains a buying opportunity.

Indeed, any drop that holds above the October low at $49.60 fits within the rising trend seen since June.

WTI chart

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