Gold price soar while oil prices fall back
There is a clear disparity between gold and oil, with the former heading back to its recent highs while the latter looks to revisit near-term lows.
Gold continues to climb
The gold price continues its recovery, moving towards $1690 and to new highs for the year.
Consolidation in the middle of the week around $1640 gave way to a fresh push higher, maintaining the bullish sequence of higher highs and higher lows. $1750 and $1800 are the next major levels on the upside, the highs from late 2012.
WTI heads back to recent lows
Like indices, WTI prices have given back most of their gains from earlier in the week, although it is still up 3% from the lows.
Further declines head towards $44.00, and then below this $42.40, the low from mid-2017 and late-2018 comes into play. Intraday, a break above $46.20 might provide a more positive view in the short-term, targeting $48.70 and the mid-week highs.
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.
