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Technical analysis: key levels for gold and crude

Gold and oil have both dropped back to recent support, as commodities suffer from a stronger dollar.

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

Gold holding $1310

The gold price continues to hold the $1310 zone of support, raising the prospect of a move back towards $1326.

A close below $1310 raises the prospect of a test of $1310 and then the $1280 area.

Gold price chart
Gold price chart

WTI back to recent support

While the WTI price has been unable to hold on to the $55.00 area, it has dropped back into the zone of support around $53.70 that has held for the past four sessions.

If buyers step in here, then a move back towards $55.80 is in the offing.

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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