Gold price, WTI crude price and natural gas price higher in early trading
Commodity prices have risen in early trading, as gold and natural gas continue their recovery and WTI renews its upward move.
Gold makes gains
Spot gold prices have stabilised over the past two days, after dipping to a near one-week low on Monday.
The price has succeeded in pushing higher, continuing the recovery from the mid-December low. A continuation of gains above the early January high at $2660 might then open the way to the $2725 highs from early December.
A close back below $2620 could put the sellers back in charge once again.
Gold daily chart
WTI pushes through $74
WTI crude oil's rally has continued, moving into a potential new phase after a strong session on Tuesday.
After showing some hesitation around $74 on Monday, the price has surged through this level, and now looks poised for further upside. The early October highs just below $76 now come into view.
A reversal back below $73 would be needed to put some pressure on the price and hint at a possible retracement. In this event, previous resistance at $72 might provide support.
WTI crude oil daily chart
Natural gas edges higher
A sharp pullback from the December highs at 4000 has carried the natural gas price back towards 3200.
The rising 50-day simple moving average (SMA) has provided support over the past few months, helping to maintain the uptrend. The December high represents a new higher high and could point the way to more upside. A close back above 3500 may well indicate that a new leg higher has begun.
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
