Gold price and natural gas price hit support, while WTI crude price rebounds
While gold and natural gas are still under pressure, crude oil has rebounded from the lows of the week.
Gold back to 50-day moving average
The spot gold price slumped to the 50-day simple moving average (SMA) yesterday, completing the reversal from the rally on Wednesday.
A close below the 50-day SMA would likely point the way to more losses, and bring the $2280/$2300 zone into play. Bulls will want to see a close back above $2400 to suggest a low has formed.
WTI rebounds from the lows
The WTI crude oil price rallied on Thursday, moving off a fresh two-month low, and bolstering the view that at least a short-term low has formed.
Now the price is testing the 200-day SMA from below, and a close above this would help to support the bullish outlook in the medium term. Sellers will need a close back below the $76.00 level to suggest that the price is heading lower.
Natural gas fights to hold support
After three days of losses, the natural gas price is back at the 2060 lows from last week.
A close below this would mark a bearish development, and see the price eat further into the gains from April. If 2060 holds once again, then the price may attempt another bounce towards 2280.
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.
