Skip to content

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.
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.

Technical analysis: key levels for gold and crude

Gold may be at a turning point, while oil has found support after a swift move lower.

Gold bars
Source: Bloomberg

Gold knocked back but finds support

Having been knocked back from $1220 gold has found support at $1197, but an overnight move higher has hit resistance at $1208. A failure to hold here could see a test of $1197 and then $1186, while the bulls need to get the price back above $1220 to secure the ground for a move to $1226 and $1246.

Gold price chart

WTI looking for gains

There seems little desire on the part of WTI to push below $52, so if this holds we could be looking at a move back towards $52.69 and then $53.10 in the short term. A bigger move would head towards $54 and then $56, while a break of $52 would target $51.54 and then $50.

WTI price chart

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

Find articles by writer