Gold price targets record high as WTI and copper seek stability
Gold price aims for record high while WTI and copper prices stabilise despite US dollar appreciation.
WTI crude oil price tries to stabilise
The WTI crude oil price's descent has been stemmed by Monday's bounce off its $73.70 per barrel intraday low, with the 200-day simple moving average (SMA) at $74.67 being revisited. The next resistance area is at the 8 January high of $75.24, with another level at the 10 October high of $76.21.
Key support below Monday's intraday low of $73.70 is found between the June and August 2024 lows and the late September, late October to December highs, ranging from $72.84 - $71.47.
WTI crude oil daily chart
Gold price on track for record high
The spot gold price continues its ascent towards its October record high of $2790 per troy ounce. A rise above this level would put the $3000 mark within reach.
Good support lies between the January uptrend line at $2729 and the November to December highs, which range from $2726 to $2721.
Spot gold daily chart
Copper price nears support level
The copper price recently faced rejection at the $4.26 - $4.33 resistance zone. This zone includes the early December peak, as well as lows from 23 September, mid-October, and 23 October, along with the mid-December high. This rejection has led to a drop to Thursday's low at $4.24, which may soon be revisited.
Potential support below this level is found along the 55-day SMA at $4.20 and at the late December high of $4.15.
Resistance above the 200-day SMA at $4.28 is at the $4.33 December peak and also at last week's high of $4.39.
Copper daily chart
The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.
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 onto 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.
