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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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. 70% 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.

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Gold price and oil price both bounce from Thursday low

Gold and oil fell hard yesterday, and then bounced overnight, but already the move higher is running out of steam.

Gold bars Source: Bloomberg
Commodities Gold Price of oil

Written by

Chris Beauchamp

Chris Beauchamp

Chief Market Analyst

Article publication date:

Gold rallies off Thursday low

The surge in the dollar knocked gold back hard yesterday, with the price dropping to $1560.

For now this price level is holding, but overnight gains appear to be contained at $1600. Above this $1650 comes into play, while a drop through $1550 support opens the way to $1536 and then to $1516.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

WTI bounce begins to stall

WTI prices recovered from yesterday’s losses, but until the price exceeds $36.00 a further rebound is unlikely. Even then the price will have to close the week’s opening gap, heading towards $40.00.

Yesterday saw support develop around $31.00, so if this is breached then the Monday low at $27.60 comes into play.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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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