Gold price looking for new highs, but WTI crude price and natural gas price fall back
While gold is poised to reach a new record, both WTI and natural gas have given back some recent gains.
Gold on cusp of new highs
The spot gold price edged back down from its highs yesterday but overall, the rally is still in place from last week.
A daily close above the record high has yet to transpire, but it may well be just a matter of time. $2500.00 continues to glisten in the near distance as a target.
Having held above the 50-day simple moving average (SMA) and above trendline support from late June, the outlook remains bullish. It would need a close back below the 50-day SMA to suggest some renewed near-term weakness.
WTI price back below 200-day moving average
The rally in WTI crude oil prices suffered a knock yesterday after it managed to close above the 200-day SMA on Tuesday.
Today may well be a deciding moment for the bounce; a close back below $77.00 would mark a fresh bearish development and could spark a new leg lower down to the August lows once more.
Buyers will want to see a revival today or in coming sessions that puts the price back above $78.00 and the 200-day SMA, in order to point the way to further gains.
Natural gas bounce goes into reverse
The natural gas rally here ran out of steam at 2300, and the price has slipped back from the highs for the time being.
A lower high might be indicated should the price drop back below 2200, and this could then put the recent lows back in prospect.
On the upside, a close back above 2300 could put the buyers in charge once more. This then targets the 200-day SMA, followed up by the 9 July high at 2454.
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.