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

Technical analysis: key levels for gold and crude

Gold suffers at the hands of improved risk sentiment, as Dow hits 20,000. Meanwhile, WTI continues to trade within a range as we await a breakout.

Gold bars
Source: Bloomberg

Gold sellers appear to have control

Gold established a clear area at $1220 as resistance and has now slipped below $1200. The price attempted to rally from the lows yesterday but was unable to maintain momentum so now looks at risk of heading towards $1174 and potentially lower.

Unless we see a move back above $1200 and then a close above $1220 it looks like the sellers are in charge, with rallies continuing to be sold.

WTI remains in range

The $52-$54 range remains here, with no sign that it is about to be broken. It is likely that we will keep seeing positive momentum peter out around $54, while the sellers may struggle to get the price to close below $52.

Until this range is broken traders have a clear range against which to trade for WTI.

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