CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
Established in 1974
Over 185,000 clients worldwide
15,000 markets worldwide

Technical analysis: key levels for gold and crude

Weakness in gold persists, while oil prices continue to drift lower. 

CFDs are a leveraged product and can result in losses that exceed deposits. Trading CFDs may not be suitable for everyone, so please ensure you fully understand the risks and take care to manage your exposure.
Oil rig
Source: Bloomberg

Gold

The unwind in gold continues, although for now the bulls holding the price above $1210. A move below here targets the $1200 area, and then on towards $1180.

A bounce needs to clear $1230, which was previously support on 15-16 March. Above here the targets are $1240 and then $1270.

WTI

Shorts will be watching for a move below $38. With speculative long positions in crude now at a 21-week high, the drop could be rapid if longs find themselves having to abandon positions in short order.

Below $38 the index may head towards $36, the low of 15 March, with the 50-day simple moving average at $34 the next destination. 

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.