Gold price moves higher as oil price continues to fall
Gold is in favour again while oil prices have resumed their downward move now that the OPEC+ meeting is out of the way.
Gold finds new upward momentum
The rally continues in the gold price, as it was able to hit a new higher high yesterday.
The price has edged lower overnight, but may be forming a higher low above $1700. Further gains target $1740, while a deeper move lower would head towards $1680. For the time being, however, it looks like the advantage continues to lie with the buyers.
WTI pushes lower as demand concerns weigh
Having run into resistance around $30.00, the WTI price has begun to turn lower, pushing below $27.00, which was support last week.
A rebound towards $27.50 to create a lower high could throw up a fresh selling opportunity, while a more bullish view requires a move back above $29.00 to then bring about another test of $30.00 and higher.
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
