Gold price and WTI crude price higher, but natural gas price falls again
While both gold and oil have made gains, natural gas continues to retreat from recent highs.
Gold edges higher
Buyers are once again attempting to revive the rally here, having managed to lift the spot gold price off last week’s low and avoid any further push to the downside.
Further gains now target the 25 November high at $2720. Above this lies the record high from late October. In the event of fresh declines, the price targets $2600 and then $2550, where the main November pullback was halted.
WTI rebounds from $68
WTI crude oil prices recovered sharply yesterday, with WTI rallying off $68. In the short-term, the price now targets the late November high at $71.40, followed up by the $72 resistance zone.
The overall bearish outlook is still in place for the time being; a close back above $72 might suggest some further near-term gains and perhaps a test of the October highs at $76. A close below $68 would then lead to a test of $66.50, support in September, October and November.
Natural gas retreat goes on
The pullback continues here, with the natural gas price heading to its lowest level since mid-November.
Any close above 2600 would still help to preserve the uptrend, creating a higher low. The price has now fallen below the early October high, and may now target the 2600 low from late October and early 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
