Gold price drifts down, but WTI crude price and natural gas price make gains
While gold prices are slightly lower, oil and natural gas prices are moving higher.
Gold tiptoes lower
The spot gold price fell back on Friday but finished off the lows. The strong rally over the past month has lifted it to new highs, with little sign at present of a more substantial dip emerging.
In the short-term, a drop below $2650.00 might signal the beginning of a move back towards recent trendline support.
WTI pushes higher
WTI crude oil prices appear to have bottomed for the time being. Early gains on Monday have helped the price to push on in the wake of Friday’s gains.
The $72.00 area is the first target in any sustained move higher. This marked the highs last week and the lows in August. Recent rallies have stalled below the 50-day simple moving average (SMA), which is currently sloping downwards, reinforcing the short-term bearish view.
Natural gas surges again
Big gains on Friday saw the natural gas price move back to its highest level since late June.
Friday marked a reassertion of control by the buyers, after a hesitant mid-week period. This has negated any bearish outlook for the time being; a close back below 2800 would be needed for a suggestion of a possible top.
Further gains target the May and June highs once more.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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.
Speculate 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
Prices above are subject to our website terms and agreements. Prices are indicative only
