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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

​​Gold price and WTI crude price higher, while natural gas price struggles​

While gold has surged to a new high again, and oil is recovering, natural gas remains under pressure.

Gold trading Source: Adobe images

​​​Gold at new highs

Spot gold has once again defied the doubters, rallying to a new high for a second consecutive day.

​Gold’s performance this year has been a lesson in never arguing with trends, which can go on and on, for much longer than anyone thinks is possible.

​There has been an absence of any real pullbacks here; the late September/early October drop was the most serious in weeks. But this ended with a rally from near $2600.00. Further gains now seem likely.

Spot gold chart Source: ProRealTime
Spot gold chart Source: ProRealTime

​WTI forms a possible higher low

WTI crude oil prices have seen strong buying at the lows over the previous three sessions as it neared trendline support from the September low.

​The price is recovering this morning and could be forming a higher low, with a close above $71.00 reinforcing this bullish view. This would then provide the springboard for more gains.

​A reversal back below trendline support would be needed to suggest that the downward move from the October highs will continue.

WTI crude oil chart Source: ProRealTime
WTI crude oil chart Source: ProRealTime

​Natural gas edges lower

​The natural gas price continues to drift lower, finishing at the lows yesterday. For the moment the price has not yet been able to support a higher low.

​A close above 2800 might build a foundation for further gains, with the overall bullish view still holding up following the solid gains of the past seven weeks.

​The 2530 low from May may provide support in the event of further losses.

Natural gas chart Source: ProRealTime
Natural gas chart Source: ProRealTime

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.

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