Gold price and natural gas price fall but WTI crude price stabilises for now
Gold and oil remain under pressure, though the selling in the latter has stalled for now. Meanwhile, natural gas prices are running into some resistance.
Gold still heading lower
The spot gold pullback continues here, with no sign that a higher low has yet been established.
The price is now testing the low of October around $2600.00. A close below this would mark a further bearish short-term development, though the longer-term uptrend remains intact. Bulls will want to see a revival back above $2650.00, while $2550.00, the mid-September low, becomes the sellers next target.
WTI edges higher
While it has edged higher for a second day, the latest lower high in WTI oil prices from last week is still pointing the way towards additional downside.
The late September and October lows around $66.90 come into view in the event of more losses, while below this lies $65.00, around which the price bounced earlier in September. The overall bearish trend here remains intact.
Natural gas rally stalls
The natural gas rally has continued here, though yesterday saw the price push through the late October high but fail to hold its gains.
The early October high at 3142 is the next target in any continued move higher, while a reversal back below 3000 might indicate a stalling of bullish momentum and a possible reversal. This might then bring the 2630 low from early November into view.
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
