Skip to content

CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Gold price trades close to record high, silver stays bid while oil price drops further​

​​​Gold price trades close to record high, silver stays bid while oil price drops further​ ahead of Fed Chair Jerome Powell’s speech at the Jackson Hole symposium on Friday.​

Oil Source: Adobe images

​​​Gold price remains close to record high

​The spot gold price stays close to Tuesday's $2,531.00 per troy ounce record high while being supported by the psychological $2,500.00 level and the tentative August trend line at $2,481.00.

Further, more significant, support sits between the $2,469.00 mid-July high and the $2,445.00-to-$2,480.00 early to mid-August highs. While it holds, spot gold will likely continue to target the $2,550.00 region.

Spot gold chart Source: IT-Finance.com
Spot gold chart Source: IT-Finance.com

​Spot silver price loses upside momentum

​The price of spot silver has been trading sideways recently, but there is some underlying buying interest as evidenced by the past couple of weeks' uptrend. For the bullish sentiment to regain control, the silver price needs to rally and close above this week's high at $29.97 per troy ounce. If that happens, the next upside target would be the 21 June high at $30.85.

Support below the 55-day simple moving average (SMA) at $29.23 remains to be seen between the mid-to-late June lows at $28.66-to-$28.58.

Spot silver chart Source: IT-Finance.com
Spot silver chart Source: IT-Finance.com

​WTI nears early August low below which lies mid-January trough

​Front month WTI crude oil futures are on track for their fifth straight day of falling prices and are about to hit their 71.28 early August low. The recent decline in the oil price stems from demand concerns to do with weak data from top oil consumers such as the USA and China and hopes of a ceasefire agreement between Hamas and Israel.

Below the 71.28 current August low lies the mid-January low at 70.61 ahead of the psychological $70.00 mark.

Minor resistance can be spotted at the June low at 72.46. 

WTI crude oil chart Source: IT-Finance.com
WTI crude oil chart Source: IT-Finance.com

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.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.