Gold price and natural gas price higher, but WTI crude price slumps again
The selling resumed in crude oil on Tuesday, taking WTI to new lows for the year, Meanwhile, gold and natural gas have made headway.
Gold heads back towards highs
The spot gold price has risen so far this week, and is now pushing back towards the recent highs.
A breakout above $2531.00 puts the price in new record high territory. Modest weakness over the past month has been met with buying, and the commodity has not succumbed to the volatility seen in stock markets.
WTI sinks to fresh lows
The WTI crude oil price has dropped sharply once more, after a brief recovery on Monday.
WTI slipped below $66.00 for the first time since May 2023 on Tuesday, and shows no sign of stopping. Although oversold and overstretched from the 50-day simple moving average (SMA), the price remains in a downdraft that may now test the May 2023 lows at $63.76.
Natural Gas moves higher
While oil prices sank, natural gas rediscovered its strength, pushing back towards last week’s highs on Tuesday.
Having averted a short-term bearish turn, the price now targets the early July high at 2450.00. From there, it would look towards the end of May low around 2530.00.
Sellers will need a reversal back below 2270.00 and the 200-day SMA to suggest a new push lower.
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.
