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

A drop in the dollar has given commodity prices a boost.

Video poster image

Gold rebounds for now

Dollar weakness has allowed gold to rebound from the lower high created at the end of last week, but with all three main moving averages pointing lower the downtrend remains firmly intact.

A bounce back to $1260 would see the previous swing high challenged, and then on to the downtrend resistance line around $1270. A fresh decline will challenge support at $1214 and then $1204.

WTI forms a higher low

A bounce for WTI from the area of the 100-day simple moving average (SMA) at $67.28 suggests that another higher low has been created and that a push back towards $74.00 could be underway here.

The bullish view remains in place unless we see a close below last week’s lows around $66.30.

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