Gold price gives back some gains but WTI crude price and natural gas price keep rising
Gold has paused after two strong sessions so far this week, but both WTI and natural gas are still rising.
Gold bounce stalls
The spot gold price enjoyed two solid up days this week and has stalled in early trading.
Yesterday’s gain took the price above the October low at $2600.00, and for the moment the higher low is intact. Further gains head towards the $2680.00 high from late September. A close back below $2600.00 might signal a retest of last week’s low.
WTI continues to gain
WTI oil’s recovery from recent lows continues, although the longer-term downtrend is still in place.
A continued counter-trend bounce might target the $72.25 high from earlier in the month. Beyond this lies the early October highs at $75.00.
Natural gas pushes to new one-year high
The natural gas price has finally pushed on through the 3200 highs from earlier in the year. Compared to the sustained summer rally, the price has yet to become as overstretched. While daily stochastics have now entered overbought territory, this is more of a reflection of the strength of the gains.
The next target is the November 2023 highs around 3380. Beyond this lies the October 2023 highs around 3600.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
React to volatility on commodity markets
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.
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
