CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

Gold price falls while oil price recovers from lows for now

Gold is moving back towards recent support, while oil remains in a downtrend despite rebounding from its huge loss yesterday.

Gold heads back towards support

Gold is in a descending triangle formation, with lower highs since Tuesday hitting support around $1470. A breakout above $1500 might provide a more bullish view, but given strength in the US dollar this might be short-lived.

Crucial support back in October and November was $1450, so if this is lost, a drop to long-term rising trendline support at $1420 may be the next development.

Brent rebounds from new decade low

The downward move in oil prices moved into fifth gear yesterday, with around 15% wiped off the Brent price in a day. A rebound from yesterday’s lows merely brings the 50-hour simple moving average (SMA) at $29 into view, and would create another lower high.

As with indices, there is as yet no sign of a bigger turnaround in the oil price, with no indication of any potential higher highs or higher lows yet.


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