Gold price and oil price still climbing
Gold and oil have started the week on the front foot, and are looking to build on the gains made towards the end of last week.
Gold holds steady after surge
Having staged an impressive rally late last week, gold looks vulnerable to a short-term pullback, although this is likely to prove to be a buying opportunity if it maintains the sequence of higher lows seen since the June nadir at $1670.
It would take a reversal below $1720 to begin to dent this bullish view, and a move below $1705 would likely signal that the sellers are in charge once again.
WTI looks to June highs
The WTI price continues to climb, rising back towards $40.00 in early trading and continuing the uptrend from the mid-month lows.
A push above $40.80 takes out the high for the month so far and reaffirms the bullish view. Bears need to see the price reverse below $38.00 and create lower highs to provide even a short-term negative outlook.
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