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 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 remains under pressure, while an oil rally yesterday brought out fresh selling. 

Gold mining
Source: Bloomberg

Gold’s rallies will continue to be sold

Gold rallies have been firmly sold since late February, and there seems little chance that will change that for now.

A move back to the descending hourly trendline, or to the 50-hour simple moving average ($1224) would provide another chance to short, with only a move above $1235 indicating a base has been formed here. Further downside targets lie in the direction of $1200 and then $1175. 

WTI on the reverse

Crude’s rally back to $54 suffered a sharp reverse yesterday, continuing the trend lower and establishing a new lower high.

The WTI price remains heavily oversold intraday, so a bounce is possible, but it looks like a move to $52 is on the cards once again. 

IGA, may distribute information/research produced by its respective foreign marketing partners within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

This information/research prepared by IGA or IG Group is intended for general circulation. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. You should take into account your specific investment objectives, financial situation or particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit. 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. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

See important Research Disclaimer.

Find articles by writer