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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

Dollar strength continues to make life difficult for commodities, with no sign of a rebound for gold just yet. 

Gold bars
Source: Bloomberg

Gold back to selling  

There were signs of a recovery for gold yesterday, with the price attempting to rally off the lows, but it looks like the selling is resuming today.

An area to watch is $1205 as a break here clears the way to the March lows at $1195. Below this $1180 comes into play. Bulls will be disappointed unless they can post a daily close back above $1214, and this might then suggest a move back to $1230, the 200-day simple moving average (SMA), and then the $1240 area.

WTI struggling to reach $45

The past three sessions on WTI have seen pushes towards $45 defeated, and that is playing out again today.

The next areas to watch on the downside are $44 and then $42.80. Selling the rallies still appears to be the way to go, unless the price recovers back above $45.25. 

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