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

Once again oil has failed to break a key level, while gold is aiming for another push above swing highs.

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Gold back above $1200

The recovery goes on for gold, but until the price recovers and closes above $1214, putting it back above the 50-day simple moving average (SMA) as well, this may be another selling opportunity.

Above $1214, the downtrend resistance from the April high comes into play.

WTI knocked back from $70.00

A second attempt in as many weeks to push WTI through the $70.00 mark has been defeated, providing a possible sell signal.

The price needs to clear the area around $70.00 and close above $70.80 to suggest a further move higher. Otherwise a turn lower will target the $67.00 area.

This information has been prepared by IG, a trading name of IG 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. 

CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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