Gold price and WTI crude price higher, but natural gas price remains under pressure
Both gold and oil prices have edged higher, the latter after a punishing retreat from its January highs. Meanwhile, natural gas prices continue to struggle.
Gold aiming to retest record high
Yesterday saw a recovery that steadied the spot gold price after Monday’s losses.
Last Friday witnessed a push back to the late October record high. The price then faltered at this resistance, but having recovered $2750 now looks poised to make another attempt to hit a fresh record high.
Gold daily chart
WTI steadies after sharp losses
The pullback from the January high may have run its course. Monday saw the WTI crude oil price rebound from $72, with a small follow-on gain on Tuesday.
A close back above $74 would help to reinforce the bullish view, suggesting that a higher low has been formed. This might then see the price resume its march higher, targeting the January highs in due course.
WTI crude oil daily chart
Natural gas continues to fall
The longer-term rally has suffered a severe check, as the natural gas price slumps to a one-month low.
A recovery back above 3200 might suggest a low has been formed, but for the time being it appears that the price will test 3000, where it found support in December. It is currently testing 3070, which was resistance in late October.
Natural gas daily chart
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Speculate on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- 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
Live prices on most popular markets
- Forex
- Shares
- Indices
