Gold price stalls while WTI crude price and natural gas price head lower
Gold has seen its rally run out of steam, while oil and natural gas are both falling once more.
Gold’s rally falters
Spot gold prices have eased off the highs of last week, having seen its rally stall since last week.
In the short-term the price needs to close above $2450 to open the way to some more upside, targeting the previous record highs and then into uncharted territory.
The medium-term bullish view remains in place unless we see a close back below the 50-day simple moving average (SMA) at $2366.
WTI hits two-month low
Oil prices continue to fall despite escalating tensions in the Middle East.
The WTI price has now pushed below the lows of June, though it is holding around here for now. For the moment the sellers are in control, though a close above $74.00 might signal that a low is in for now. February’s low at $71.45 is the next level to watch on the downside.
Natural gas below 2000
The natural gas price is now below 2000, for the first time since May. Hopes of a recovery have been repeatedly dashed, and while the price remains oversold it looks like more of the April gains will be eroded.
The sellers remain in control unless buyers can force a close above 2000 and then above 2060.
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
