Gold price edges lower, while WTI crude price gaps down and natural gas price pushes higher
Early trading in Monday’s quiet session has seen gold and WTI fall back, but natural gas prices have risen.
Gold eases back from highs
Spot gold prices have seen their rally stall over the past week. The price has fallen back from the highs, though the uptrend is still in place.
Renewed declines might test the July peak at $2485.00, and then below this lies the 50-day simple moving average (SMA). A close above $2530.00 reignites the uptrend and pushes the price to new highs.
WTI still under pressure
The WTI crude oil price slumped on Friday on news that OPEC plans to increase production in October despite sluggish demand.
A gap lower in Monday trading briefly saw the price hit a one-week low, bringing the price into the zone around $72.00 that has marked the low twice in the past month.
If this holds again then a new bounce may materialise. Alternately, sellers will need a close below $71.50 to indicate that this support zone has been broken to the downside.
Natural gas gaps higher
After gaining over the second half of last week, the natural gas price has gapped higher today.
The bounce from early August stalled at the 200-day SMA, so any rally needs to clear this and then push on above the August highs of 2380 to indicate a more substantial push higher is at hand.
A reversal would see the price test the 2060 lows from last week, and a close below this opens the way to the early August lows around 1917.
This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- Wide range of popular and niche metals, energies and softs
- Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
- View continuous charting, backdated for up to five years
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
