Skip to content

Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. 70% 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’s Friday rally could soon be the target of fresh selling, while oil is trying to stabilise after heavy losses on Friday. 

Oil
Source: Bloomberg

Gold pullback change may happen

A turn could be at hand in the Gold pullback, as the commodity pushes briefly above the $1282 high from 4 October. A close above here could be the creation of a new higher high, with a move above $1290 confirming renewed bullish momentum. In this case, $1296 and then $1307 come into play.

A failure to move higher would raise the prospect of a move back to $1270, then down below $1260 and then to $1251.

Gold chart

WTI pullback has further to go

WTI’s heavy losses on Friday would seem to suggest that the pullback from the breakout has further to go.

While a small rebound from the oversold conditions of Friday is to be expected, any rally that is unable to move back above $51.50 remains a selling opportunity. Below $49.40 the price targets $47.40.

WTI 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