Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% 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.

Technical analysis: key levels for gold and crude

Oil’s slump could be at an end for now, as it fights hard to hold $46. 

Oil storage
Source: Bloomberg

Gold still retreating

Gold’s retreat goes on, returning to test key support at $1264. A break below here could see a push to the $1240 area, and would likely run into the 200-day simple moving average (SMA) at $1239.30 as well.

A bounce from $1264 would need to push back above $1295 to maintain the uptrend, A daily close below $1220 is needed to create a new lower low.

WTI battling to hold $46

It may be that WTI’s slump has run its course for now. If the price can hold $46, then a bounce back to $48 could be in the offing, but a close above $48.50 is needed to reverse the sequence of lower highs and lower lows.

A drop below $45.50 could open the way to $44 and then $42.80.

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.

Find articles by writer