Gold price and natural gas price rise, but WTI crude price falls back
While gold and natural gas prices have rallied, oil prices have fallen back again, towards the lows seen in the summer of 2023.
Gold on the up once more
The spot gold price has rallied off the lows of the week and is pushing back towards the recent highs.
Buyers defended the lows around $2472.00, pushing the price higher and averting even a short-term pullback for the time being. A close above $2531.00 leaves the price at a new record high. Sellers will need a close back below $2470.00 in order to suggest that the price may head back to the 50-day simple moving average (SMA).
WTI heads towards summer 2023 low
Oil prices faltered again yesterday, closing near the lows and leaving WTI within a short distance of the December lows.
$67.30 provided support during the middle of 2023, so this will be a key area to monitor. There seems to be little sign of any bullish momentum, though a close back above $70.00 might suggest that a low has formed.
Notably, news that OPEC was considering delaying an October production increase has done little to support the price.
Natural gas heads higher
Thursday saw the natural gas price make further gains, pushing firmly above the 200-day SMA and returning to the highs seen in mid-August.
The buyers remain firmly in charge, after the bounce off 2200 earlier this week. Yesterday’s close above 2380 puts the price on course to make further gains, and it would need a close back below 2200 to negate this bullish outlook.
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.
