Gold price rises and WTI crude price recovers, but natural gas price comes under pressure
Gold seems on course to hit new highs, but natural gas has fallen to new multi-week lows. Meanwhile, oil prices are edging higher after a volatile week.
Gold surges towards new highs
The spot gold price continues to head towards a test of recent highs, as geopolitical tensions rise in the Middle East and risk-off sentiment grips equity markets.
New record highs are a short distance away, while the $2500 level is also in sight. It would need a close back below $2430 to suggest that a short-term peak has formed.
WTI rises after choppy week
Oil prices surged on Wednesday but WTI fell back from the 200-day simple moving average (SMA) on Thursday.
A move below $76.00 might suggest another test of the Tuesday lows. Recent price action has seen the price unable to close above the 200-day SMA, so this would be needed as an initial first step to any sustained rally.
Natural gas reverses course
Hopes of a natural gas rebound here were dashed with a reversal yesterday that took the price below the lows of late July.
This puts the sellers firmly in control and would see more of April’s gains wiped out. The price will need a bullish reversal back above 2060 to suggest that a low is attempting to form again.
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
