Gold prices stuck below resistance but oil prices drop sharply
Gold’s rally stalls while oil drops sharply thanks to tariff war fears.
Gold stuck below $1440
Gold continues to find itself unable to hold above $1440, while dips towards rising support find buyers.
One positive view would be that the daily moving average convergence divergence (MACD) is slowly beginning to flatten out, which may lead to a bullish crossover signal in due course. However, a firm close above $1445 would be needed to confirm this. Dips towards $1415 may continue to find support.
WTI slumps on tariff war fears
The move higher for WTI suffered a check on Wednesday, and then was dealt a severe blow yesterday when US President Donald Trump revived the threat of trade wars.
As a result, the price dropped back below trendline resistance, and below the $55.50 area that marked support in the second half of July. While there has been a slight recovery overnight, further declines may occur, targeting $52.90 and $52.00 as possible support. A move above $56.00 might begin to suggest a stabilisation and the development some of bullish momentum.
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.
