Gold price on the up as oil price wilts
Gold has seen further gains as oil comes under pressure as risk sentiment turns cautious.
Gold claims new highs for the year
The rally in the gold price has been given further impetus by the turn in risk sentiment in equity markets, with the price pushing towards a new peak for the year.
Buying the dips appears to be the approach, and would remain the case unless we see a reversal below $1740 and the 200-hour simple moving average (SMA).
WTI firmly in bearish move
The WTI price has not been immune from the weakness in equity markets and risk appetite, with further downside likely to see the price test $35.00.
The bearish view remains in place unless we see a revival above $38.60, which might indicate that a higher low has been 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
