Gold price steady and WTI crude oil price higher, but natural gas price drops back
While gold has held steady, oil prices have made further gains. Meanwhile, natural gas has dropped back from Friday’s high.
Gold holds its gains
The spot gold price continues its recovery and has remained unaffected by the post-payrolls turmoil in stocks.
Further gains target $2720.00, the highs of November and December, while beyond this lies the $2790.00 record high. The past week has seen a strong move higher, though there is still a risk of a lower high should the price reverse course and drop back below $2670.00. In this instance it might then target $2585.00 and then $2560.00.
WTI at new multi-month high
Oil prices renewed their push higher in the second half of last week.
WTI crude oil has now finally returned to the highs of October, having maintained the momentum seen in the second half of December. A weakening of daily stochastics could be a sign of diminishing bullish momentum in the short-term.
However, for the moment the buyers remain in charge, and it would take a move back below $75.00 to suggest some short-term weakness is at hand.
Natural gas edges down
After reaching a peak on Friday, the natural gas price has dropped back in early trading.
However, the overall push higher remains in place; short-term weakness below 3400 would be needed to suggest that a turn lower is at hand. Some support may be found around the 3600 high from mid-November.
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
