Gold price higher, but WTI crude price and natural gas price under pressure
While gold bounced on Friday, the selling continues in WTI and natural gas.
Gold bounces off 50-day moving average
Spot gold rebound on Friday from the 50-day simple moving average (SMA) will raise hopes that a new move higher can begin.
The price has edged higher this morning, and a higher close today, above $2400, will bolster the bullish view and open the way to a possible test of recent highs.
Sellers will want to see a close below the 50-day SMA to negate this short-term bullish view, though the longer-term uptrend is still firmly in place.
WTI quiet after Friday slump
It was a choppy week for WTI crude oil prices, which rallied on Thursday before slumping again on Friday.
Hopes of a low being formed were dashed with Friday’s drop, and further losses below $76 put the price on course to test the June low.
Natural gas stumbles again
The natural gas price briefly moved to a new three-month low on Friday, but a recovery above 2060 leaves hopes of a low intact.
The past two weeks saw a bounce above 2200 fizzle out, so any longer-term rally must clear this hurdle. This would then open the way to the 100- and then 200-day moving averages.
A close back below last week’s low leaves the sellers in charge once more. Potential positive divergence on daily stochastics gives hope that a bounce can be sustained this time.
This information has been prepared by IG, a trading name of IG Markets Limited. 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.
- 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
