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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. 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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

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Gold price poised to weaken as oil price rallies

Gold’s bounce towards $1520 is running out of steam, while oil prices are looking to continue their remarkable surge from Thursday’s session.

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Commodities Gold World oil market chronology from 2003 Price of oil
Written by: Chris Beauchamp | Chief Market Analyst, London
Publication date:

Gold rally falters

Gold has only managed an anaemic bounce, which is faltering below $1520, creating a lower high.

This leaves the descending triangle intact, with a push towards $1460 support now likely. A break above $1520 would open the way to $1540 and $1560.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

Oil bounce set to continue

WTI saw strong buying at the lows this week, with the price action on Thursday and Friday ending well off the lows.

The next target would be $35.00, the peak of mid-March and also around the lower bound of the gap down. A reversal below $25.00 targets $20.45.

WTI chart Source: ProRealTime
WTI chart Source: ProRealTime

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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 CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Clients can lose more than they deposit. All trading involves risk.

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