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 Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

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Gold price lacks direction while WTI rallies on supply worries

Gold continues to range trade in low volatility while WTI rallies over additional sanctions on Russia potentially leading to supply disruptions.

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Written by: Axel Rudolph FSTA | Senior Technical Analyst, London
Publication date:

​Gold continues to trade in a tight range and lacks direction

The price of gold continues to lack direction and stays below Thursday’s 1,950 high as further sanctions on Russia loom.

Key support can be found between the 55-day simple moving average (SMA) and the mid- to late March lows at $1,896 to $1,891 while significant resistance remains to be seen in the $1,959 to $1,974 region.

It is made up of the September and November 2020, January 2021, and February 2022 highs and as such is expected to cap again, if revisited.

Source: ProRealTime

WTI gains on worries of supply disruptions

Yesterday WTI shot back up again and formed a Bullish Engulfing pattern on the daily candlestick chart as the potential of more European and US sanctions on Russia added to concerns about supply disruptions, possibly negating a vast release by the US from the nation’s strategic oil reserves.

WTI thus rallied from its current April low at $97.18 to today’s intraday high to date at $104.80. If exceeded, the 30 March high at $107.98 will be back in the picture, together with the one-month resistance line at $109.40.

Good support remains to be seen between the late March and early April lows as well as the 55-day SMA at $97.96 to $97.18. Below this area sits the mid-March trough at $92.45.

Source: ProRealTime

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money. 

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