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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work, and whether you can afford to take the high risk of losing your money.

Technical analysis: key levels for gold and crude

A bounce last week for oil provided another chance for bears, while gold’s fall continues apace.

Oil figure
Source: Bloomberg

Gold continues the downside

A break below $1214 support points gold towards further negative momentum, with $1195 and the lows of March now in play.

Below this, $1180 comes into play, although the slowing outflow from gold funds might suggest that the slump has run most of its course. However, we would need to see a close above $1214, to restore a more bullish picture. 

WTI needs a rally above $45.25 for a bullish development

Friday’s rally off oversold levels has already petered out, with a retracement providing a fresh shorting opportunity for WTI.

A break below $43.97 would then open the way to $42 and potentially lower. It needs a rally above $45.25 to begin to shift the outlook to a more bullish one. 

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