Gold price, WTI crude price and natural gas price make gains
Commodity prices continue to move higher, with gold back at its recent highs and WTI and natural gas rallying.
Gold back to recent highs
The spot gold price shook off the post-Federal Reserve (Fed) weakness and rallied once more on Thursday, moving back to its previous highs overnight.
The buyers remain firmly in charge on a daily timeframe, and the current outlook points towards further gains over the medium term. Sellers will need a close back below $2550.00 to suggest that at least a short-term pullback to the 50-day simple moving average (SMA) is underway.
WTI’s counter-trend bounce goes on
WTI crude oil prices continue their rebound from the low two weeks ago, though with the 50-day SMA still heading firmly lower the short-term downtrend is still intact.
The modest rebound has a long way to go to avoid creating another lower high, with the late August high still some distance away at $77.10. Any turn lower below this could revive the bearish outlook and lead to another leg lower.
Natural gas pushes higher again
The natural gas rally continues here, with the price bouncing off Thursday’s low to avert any short-term downward move.
A close above the 2633.00 highs from Tuesday would mark a new bullish development, and mark a fresh milestone in the recovery from the August lows.
Sellers will need to push the price back below 2400.00 to suggest a new turn lower is at hand.
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.
