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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

A recovery in risk appetite has seen gold suffer, while oil is faltering at key resistance.

Gold mining
Source: Bloomberg

Gold performs handbrake turn

Gold is suffering a sharp retracement after yesterday’s outbreak of selling in risk assets fades.

The $1275 low from earlier in the week still holds, but at present it looks like further downside is possible, with $1264 and then $1258 coming into view. A close above $1295 is needed to reverse the outlook.

WTI drops back from highs

The rally for WTI has faltered in the $52.00-53.00 zone, with dip buyers yet to step in. A move below $51.36 could signal a further drop, with $50.50 and then $49.50 coming in as potential support.

A firm push above $53.00 is needed to confirm a breakout, and this would leave the price headed to $54.00 and then $55.00.

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