Skip to content

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 has recovered from $1250, and now looks to be challenging previous key resistance, while there seems nothing that can stop the WTI drive to $53. 

Gold
Source: Bloomberg

Gold in consolidation

Gold has finally seen another dip, similar to that witnessed at the end of last week, but once again the area around $1250 continues to hold.

A rebound from here targets $1264 and higher, while bears need a move below the 200-day simple moving average (SMA) at $1243 to shift this market from consolidation to sell-off.

WTI on the way to $53

A dip yesterday was met by buying, and with the WTI price now knocking on the door of $51.99 we could see another rally to the downtrend line off the February highs, which would imply a move to $53.

A reversal below $50 is still needed to cancel out the bullish outlook here. 

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