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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

Gold is attempting to break key resistance, while oil has fallen sharply following the OPEC meeting. 

Oil pump
Source: Bloomberg

Gold still bullish

We have seen another surge to $1264 for gold, but so far the price continues to hold. Dips to the $1250 area this week continue to bring out the buyers, so until this changes we remain guardedly bullish.

Upside targets remain at $1280 and $1300, but only if we see a daily close above $1264.

WTI losing ground

The post-OPEC fall yesterday wiped out all the gains made since last Thursday. For now WTI has found support at the rising trendline from the April 2016 lows, but this may just be a short-term retracement.

A recovery of $50 is needed to become more optimistic on the outlook. Further losses will head towards $47.12 and then the May low at $44. 

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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