Gold price moves higher as oil price turns down again
Gold is still moving higher but oil prices have been unable to hold on to yesterday’s late gains.
Gold uptrend contines
Those expecting further gains in gold will be watching to see if this pullback towards the rising 200-hour simple moving average (SMA) at $1682 turns into another buying opportunity.
It would form a new higher low and continue the uptrend. Since the latter half of March the price has continued to push higher, and we are yet to see the creation of lower highs and lower lows that are a requirement of a downtrend.
WTI turns lower again
Despite bouncing from the lows yesterday, WTI has already begun to fall again, dropping back from $26.00 and reviving the downtrend.
A push below $24.40 and yesterday’s low creates a lower low and reinforces the downward move. Further declines head towards $22.00 and then $20.80, while a more bullish view needs to see the price move back above $26.00.
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
