Gold price at new highs, but WTI crude price and natural gas price drop back
Gold has made new highs as the chances of a 50 basis point rate cut rise, but both oil and natural gas prices have struggled to continue their gains.
Gold at new highs again
Spot gold has continued to carve out new highs, after last week’s rally through the previous high at $2531.00.
The uptrend remains intact with this new higher high, and indeed has been given further reinforcement. At present there is no sign of any pullback developing. In the short-term, a drop back below $2500.00 might signal that some weakness was at hand.
WTI struggles to continue its bounce
The WTI crude oil rally off last week’s lows stalled on Friday and the price has begun the week on a softer note.
Sellers will be looking for a move back below $68.00 that will indicate that another test of the recent lows is on the cards. Buyers need to avoid a weaker close today in order to support at least a short-term rebound towards the mid-August low around $72.00.
Natural gas rally stalls
The natural gas rally continues here, though it suffered a check on Friday with a failure to hold on to the highs of the week.
For sellers, a close back below 2442.00, the 100-day simple moving average (SMA), would help to suggest that at least a short-term retracement is underway. A more bearish view in the medium-term requires a move back below 2300.00.
On the upside, a close above the May low of 2532.00 helps to bolster the bullish view.
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
