Gold, crude oil prices drop while natural gas prices gap higher
Gold, crude oil prices drop while natural gas prices gap higher during Veterans Day holiday.
Gold price under pressure
The spot gold price’s around 3% drop following Donald Trump’s election as the 47th president of the US as safe haven trades were unwound, last week took it to a three-week low at $2,644.00 per troy ounce, a level which seems to be back in sight, following Monday morning’s sell-off. While the next lower $2,605.00 early October low holds, though, the medium-term uptrend remains intact.
Minor resistance can be spotted at the $2,685.00 late September high and Thursday as well as Friday’s $2,710.00 peaks. While these cap, downside pressure should maintain the upper hand.
Crude oil price drops again
The WTI crude oil front month crude oil futures price is taking a hit on China’s disappointing stimulus effort with last week’s low at 69.54 back on the map.
The 55-day simple moving average (SMA) at 70.75 may act as minor resistance ahead of the more significant 72.30-to-72.59 resistance zone which consists of the late September, 24 October and last week’s highs.
A fall through 69.54 would probably push the 18 October low at 68.22 to the fore.
US natural gas prices jump
The natural gas recovery from Monday’s 2.665 low, formed marginally above the October low at 2.636, got a boost on Monday morning amid light Veterans Day Holiday trading as it gapped higher towards its early to late October highs at 3.081-to-3.141.
Potential slips may find support around last week’s high at 2.903 and also at Friday’s high at 2.863 with an upside target zone found around the tentative October-to-November downtrend line at 3.040.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trade on commodities
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1
- 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
