Gold price edges back while oil price stabilises
Gold’s rally remains intact despite the overnight pullback, while oil prices are fighting to hold Monday’s low.
Gold edges back from yesterday’s peak
Having spiked to a seven-year high, the price of gold then retreated sharply, falling to $1633 and the 100-hour simple moving average (SMA) before beginning a recovery.
This pullback creates a higher low and thus leaves the uptrend intact, and the steep pullback overnight helps to remove some of the exuberance from the price action. If the morning low holds then a continued rally seems likely, as the price moves back towards $1690.
WTI fights to hold Monday’s overnight low
WTI prices have been hard hit over the past four sessions, but already a more bullish view is beginning to emerge. Having held above $50.50, the price then moved higher, but is running out of bullish momentum at $52.00.
If it can hold above $50.50, and ideally above $51.15 then another attempt to push higher may result. A good first step would be to move and hold above the 50-hour SMA, currently $52.17.
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.
