Gold price rally stalls for now, while WTI crude price and natural gas price come under pressure
Early trading has seen gold consolidate, while both WTI and natural gas have headed lower.
Gold’s surge pauses
After rallying hard over the past two weeks the spot gold price has slowed down, though it remains above $2400 for the time being.
Overall the breakout from the end of June has reasserted the bullish view, and further gains are expected as the price pushes on towards the May high around $2450.
A close back below the 50-day simple moving average (SMA), currently $2349, would mark a possible return to the $2280 lows of May and June.
WTI weaker in early trading
The WTI crude oil price weakened on Friday, slipping back below $82, and the losses have continued into the new week.
A close below the 100-day SMA (currently $80.42) and below the $80 level would suggest a possible test of the 200-day SMA.
Buyers will want to see a close back above $82 to indicate that a low has been formed and that the price may now move back towards $84.
Natural gas keeps on falling
The natural gas price continues to decline, and has touched a fresh two-month low in early trading.
Hopes of a rebound have been continually dashed in recent weeks. The price has closed below the 100-day SMA once more, and shows no sign of forming a low yet.
Further declines target 2061, or the 2130 highs from late April. Bulls will need a close back above 2350 at the least to indicate that at least a short-term low has formed.
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
