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Technical analysis: key levels for gold and crude

Gold’s strong end to 2018 has continued into the new year, but oil is still struggling.

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

Gold still on a tear

Even small dips continue to find buyers here and, while those looking to buy on weakness are latecomers to the rally, gold's moves back towards the 50-day simple moving average (SMA) of $1280 may find further buying pressure.

The bullish view remains intact in the daily timeframe unless the price moves back below $1275.

Gold chart
Gold chart

WTI fights to hold support

Last week saw the WTI price stuck below $47.00, stymying an attempt at a rally.

However, there is one small crumb of comfort, namely: the price appears to be holding an area of support around $44.60. If this continues to hold, then a rally back towards $47.00 may develop, but any further upside requires a daily close above this level.

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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