Gold price and oil price both rebound from Friday lows
Gold and oil saw gains late on Friday, and while gold remains relatively strong, the oil price is beginning to run out of upward momentum.
Gold lifts off Friday low
Gold has managed to find support at $1570 and the 200-day simple moving average (SMA) at $1568.
This bounce may signal a fresh push higher, with $1660 an initial target, followed up by $1690. A move back below $1565 would negate the more bullish view, and bring $1550 into play, followed up by the 100-day SMA at $1523.
.png/jcr:content/renditions/original-size.webp)
WTI rebound coming under threat
Like equities, the WTI price chart rebounded late on Friday, but the bounce is looking a touch weak this morning. Gains have stalled below $47.00, and a failure to push higher risks the creation of another lower high.
The 50-hour SMA at $46.26 continues to act as resistance, suggesting a move back to Friday’s lows at $44.00. Upside targets lie at $47.80 and $48.40 for now. Until we see the creation of higher highs and higher lows intraday, the near-term outlook remains bearish.
.png/jcr:content/renditions/original-size.webp)
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.
