Gold drop slows while crude oil price recovers and natural gas prices rise
Gold drop slows while crude oil price recovers and natural gas prices rise following US presidential election result.
Gold price tries to stem decline
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, took it to a three week low at $2,644.00 per troy ounce before buyers began to step in. While the next lower $2,605.00 early October low underpins, the medium-term uptrend stays intact.
Resistance is now seen along the breached August-to-November uptrend line at $2,694.00 which, because of inverse polarity, should now act as resistance, together with the $2,685.00 late September high.
Crude oil price regains losses
Wednesday’s sharp 3% drop in the WTI front month crude oil futures price to 69.54 following Donald Trump’s US presidential election victory has been followed by a significant recovery to above its 55-day simple moving average (SMA) at 70.94.
A rise above this week’s 72.42 high would put the 24 September and October highs at 72.29-to-72.30 on the map. If bettered, a rise towards the July-to-November downtrend line at 75.92 should unfold.
Below 69.54 lies minor support at the 18 October 68.22 low.
US natural gas prices are side-lined
The recovery from Monday’s 2.665 low, made marginally above the October low at 2.636, is ongoing with US natural gas prices treading water at present. For another upside thrust to unfold, a rise above Tuesday’s high at 2.903 would need to be seen. If so, the 20 June high at 3.016 would be back in play. Further up lie the early to late October highs at 3.081-to-3.141.
Potential slips may find support near Wednesday’s low at 2.756 ahead of the more significant 2.665-to-2.636 support zone.
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.