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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. 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.

Technical analysis: key levels for gold and crude

Gold has remained unable to push higher, while oil prices are stuck in a seemingly unbreakable range.

Oil rig
Source: Bloomberg

Gold buyers look for momentum

The past few days have seen the price fail to push on above $1220. Thus we could be seeing a bigger retracement, perhaps towards $1184 and then $1173 for gold.

Buyers will need to reignite upward momentum and recover the $1208 level, before pushing on to close above $1220 to confirm that there is more upside here.

Gold

WTI targets $54.43

The price sits in the middle of the range $52-$54.15, so there is no sign of an end to the rangebound trade that has dominated since early December.

Upside targets lie at $54.43 and then $55.63 while below the next targets, following a daily close below $52, would be $50.50 and then $49.29 for WTI.

WTI

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This information has been prepared by IG, a trading name of IG Markets Limited and IG Markets South Africa 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. International accounts are offered by IG Markets Limited in the UK (FCA Number 195355), a juristic representative of IG Markets South Africa Limited (FSP No 41393). South African residents are required to obtain the necessary tax clearance certificates in line with their foreign investment allowance and may not use credit or debit cards to fund their international account.