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Technical analysis: Key levels for gold and crude

Gold has moved higher again, while oil’s hold on $45 is looking shaky.

Gold Source: Bloomberg
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

Gold testing $1260

Gold continues to move higher as stocks fall. A firm close above $1260 continues to elude the commodity, but this seems more of a matter of time than anything else.

However, with the price now so extended and a yawning gap between it and the 50-day simple moving average (SMA) of $1230, some weakness over the coming weeks would not be surprising.

Gold chart
Gold chart

WTI back on a downward path

The price of WTI turned lower last week and is testing the $45.00 area again today.

Further declines will start to bring $42.00 into play. A rebound could target $49.20, previous key support.

WTI chart
WTI chart

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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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