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

Both gold and oil are under modest selling pressure this morning. 

Oil pump
Source: Bloomberg

Gold’s rally falters again

Gold’s uptrend continues to deteriorate here, although the $1326 level is still holding, which gives bulls grounds for some optimism.

Below this, the $1315 area could be support. Rallies over the past two weeks have been sold, with a series of higher lows since 24 January. As a result, the price needs to push above yesterday’s high at $1346, to suggest a turnaround is in progress.

WTI drifts lower

WTI failed to rally yesterday, and looks to be turning lower once more.

Below $62.56 the price heads towards the 50-day simple moving average (SMA) at $61.15, and then on to $60.74. Since late January, it has been recording lower highs and lower lows, so we would need a push back above $66.00 to reverse this.  

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