CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Technical analysis: key levels for gold and crude

Gold’s rally on Friday failed to restore the uptrend, while oil prices are once again falling back below key resistance.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-02-13T09:48:43+0000

Gold bars

Source: Bloomberg

Gold price drops after falter in rally

The rally here stumbled last week, with the price falling back from the first weekly resistance pivot at $1245. Friday saw a rally fizzle out at $1235, creating a new lower high. Now the bears need to see Friday’s low around $1220 broken and a new low created.

If this does transpire, we look to $1208 and then $1196. Buyers need to retake $1235 and then move on to challenge resistance at $1245.

Gold price chart

Gold price chart

Gold price chart

WTI fails to hold above $54 again

Yet again a push above $54 has run out of steam, so a move towards the 200-hour simple moving average at $53.53 could be seen today. If this fails to hold as support then it looks like we will see a fresh move back to $52.

Sellers have done a good job holding back gains above $54, with a breakout above $54.60 needed to really unlock further upside.

WTI price chart

WTI price chart

WTI price chart

The information 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 Bank S.A. 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 and as such is considered to be a marketing communication.

Find an article

Find articles by writer

CFDS are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

This website is owned and operated by IG Bank S.A. Registered address at 42 Rue du Rhone, 1204 Geneva, authorised and regulated by FINMA.

The information on this site is not directed at residents of the United States and Belgium, or any particular country outside Switzerland and is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.