Gold price rises but WTI crude price and natural gas price struggle
While gold is moving higher again, oil and natural gas prices are still under pressure.
Gold moves higher
The spot gold price recovered yesterday and has continued to move higher overnight.
A higher low may now be formed, putting the price on course to target $2450 and then on to the highs of last week at $2483. A close back below $2380 would set the price on a path to test the 50-day simple moving average (SMA), currently $2361.
WTI still falling
WTI crude oil hit a fresh two-month low yesterday, and while it rebounded off the lows it has yet to see a higher close that might suggest a low has formed.
If the price fails to hold above the 200-day SMA ($78.30), then the bearish view remains in place and more selling may drive it lower. Buyers will need a close above $78.30 to suggest that the current downward move has played itself out.
Natural gas bounce stalls
Expectations of ample natural gas supply have driven price sharply lower over the last two months.
While the price bounced last week, the gains faltered on Tuesday and more losses have been seen this morning. Further losses will test the lows of last week around 2060.
Buyers will want to see a recovery above 2300 to revive the momentum of the first two days of this week.
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.