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

Gold remains under pressure, while oil is unable to move above a key trendline. 

Gold bars
Source: Bloomberg

Gold pushes lower

Gold continues to hold above the 50-day simple moving average (SMA), but the sequence of lower highs and lower lows persists in intraday time frames.

From the current level, $1274, then $1267 and $1264 come into play. It will need a daily close back above $1300 to suggest a turn higher has begun.

WTI still stuck below trendline

There still seems to be an inability to move above the downtrend line from the February highs for WTI.

A push below $50 would signal that a more substantial pullback has begun, that would target $49.40 and then $47.40. A daily close above $51 is needed to change the outlook here. 

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