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

Oil prices have eased as OPEC considers allowing states to increase output.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2018-05-23T09:29:04+0100

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Gold stuck in a range

Consolidation continues here for gold, with the price holding above $1285 but unable to move on above $1295.

A break of one of these is required to establish a new direction, but overall with the price still stuck in a downtrend from the April high, any rally that fails to move back above $1326 could still be a fresh selling opportunity.

Gold chart

Gold chart

Gold chart

WTI falls on OPEC news

WTI prices have weakened slightly as the Organisation of the Petroleum Exporting Countries (OPEC) mulls reducing output caps in response to the ongoing rally, but the overall uptrend remains intact.

Dips towards $70.00 will likely remain buying opportunities, with a move below this and then through $69.54 the real signal that the current bullish run has ended.

WTI chart

WTI chart

WTI chart

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