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 and oil will be a keeping a nervous eye on the dollar today, as the new Federal Reserve chairman appears in front of US lawmakers. 

Gold holds key support yet again

We saw the rally yesterday knocked back, but once again gold defended the $1326 level.

As a result, the price moved higher overnight and has, so far today, held $1330. A close above $1338 and then $1341 would clear the way to $1346, $1358 and then $1368. As yesterday, a close below $1320 would be a bearish sign.

Brent pushes higher

Yesterday saw Brent consolidate above the 50-day simple moving average (SMA) at $66.87, but the rising trend from the February lows is intact.

A close below $65.70 would be negative in the short term, but as long as $64.12 holds, the trend remains positive overall. Upside targets are to be found at $66.86 and then $69.23.

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