Gold, oil and natural gas prices move higher
Commodity prices have made headway, with gold beginning to show signs of forming a higher low and oil prices pushing higher again.
Gold starts to form higher low?
Gold prices have pushed higher for a second day, after testing the 50-day simple moving average (SMA) yesterday.
A higher low could be forming, which would help reinforce the uptrend and put the price back on course to the December highs.
A reversal below the 50-day SMA would be needed to put a more bearish view in place.
WTI rallies on Middle East tensions
Sharp gains yesterday came as US and UK forces began an attack on Houthi targets in Yemen in response to attacks on shipping in the Red Sea.
The price has continued to consolidate this week, holding above $70 as it has done throughout January. However, the 50-day SMA continues to cap gains. A close above the 50-day SMA is needed to put the price on course to challenge the December high at $76.20.
A drop back below $70 marks a more bearish development, breaking resistance and pointing towards additional downside.
Natural Gas holds above 200-day moving average
A substantial rally off the December lows took a knock this week, though the overall bounce is still intact.
With the price now holding above the 200-day SMA, the next move may be a challenge of the 3000 level, which saw sellers emerge this week.
Beyond this the price heads on to 3200 and 3400, while rising trendline support from the December lows comes into view around 2700.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
European Central Bank meeting
Learn about how the ECB meeting affects interest rates and price stability ahead of the next announcement.
- How might the next meeting affect the markets?
- What are the key rate decisions to watch?
- Why is the Governing Council announcement important for traders?
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
