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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.

Gold price moves higher as oil price turns down again

Gold is still moving higher but oil prices have been unable to hold on to yesterday’s late gains.

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Gold uptrend contines

Those expecting further gains in gold will be watching to see if this pullback towards the rising 200-hour simple moving average (SMA) at $1682 turns into another buying opportunity.

It would form a new higher low and continue the uptrend. Since the latter half of March the price has continued to push higher, and we are yet to see the creation of lower highs and lower lows that are a requirement of a downtrend.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

WTI turns lower again

Despite bouncing from the lows yesterday, WTI has already begun to fall again, dropping back from $26.00 and reviving the downtrend.

A push below $24.40 and yesterday’s low creates a lower low and reinforces the downward move. Further declines head towards $22.00 and then $20.80, while a more bullish view needs to see the price move back above $26.00.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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