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

Oil seems to have further to go on the upside, while gold’s uptrend has stalled for now.

Oil pump
Source: Bloomberg

Gold losing upside momentum

As North Korea retreats from the headlines for now, gold seems to be running out of upside momentum. Nonetheless, this weakness should only be short-term, unless we see a definitive move below $1300.

Otherwise, dips towards the rising 50-period simple moving average (SMA) of $1316 on the four-hour chart should be welcomed as buying opportunities. 

WTI set for more gains

Further gains yesterday for oil seem to have put pay to the downtrend from the August high. Further gains from here will target $49.40 and then $50.52.

It looks like more upside is the order of the day, with a close below $47.50 needed to negate this optimistic outlook. Above $50.52 the next area will be $51.36 and then $52.00.

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