Gold price steadies at support while oil price tests rising trendline
Gold has found some support after losses in the second half of last week, while oil may be poised to turn higher.
Gold back to mid-September support
The mid-September rally for gold petered out last week, after hitting $1535. The turn lower then moved back to $1485, previously support in the first half of the month.
If this holds, then another attempt to rally may develop, but a close below $1480 would negate this bullish view and signal a deeper move towards $1440 or perhaps the 100-day simple moving average (SMA) at $1425.
![Gold chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/Gold_300919.png)
WTI tests rising support
Last week WTI continued to fill the gap created by the spike in prices after the attack on Saudi oil facilities.
While intraday rallies continue to be sold, the pace of decline has slowed, and crucially Friday’s dip below rising trendline support from the August low found buyers. If this signals a more bullish view, then a move back above $56.60 may provide the bullish trigger. A close below $54.70 would negate this bullish theory and signal a push towards $54.00 and $53.00.
![WTI chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/WTI_300919.png)
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.
![](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/Rebrand/Article_banners/Commodities-global-component-banner.jpg/jcr:content/renditions/original-size.webp)
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