Skip to content

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 rises again but WTI crude price and natural gas price drop back​

Gold prices have recovered from their recent weakness but both WTI and natural gas are under pressure.

Gold Source: Adobe images
Gold Source: Adobe images

​​​Gold climbs once more

​The spot gold price has started the week on the front foot, moving higher for a third day.

​Last week’s drop to the $2600.00 level has run its course and buyers have reasserted control. Further gains target the September highs once again.

​A new short-term bearish view requires a move back below $2600.00 in order to point towards a deeper pullback.

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

​WTI edges lower

​Oil prices surged towards the end of last week but the lack of any further major developments in the Middle East have stymied any further gains for the time being.

​In the absence of an Israeli response to Iran, we may see further declines in the WTI crude oil price, perhaps testing the 50-day simple moving average (SMA) and the $72.00 level.

​Both buyer and sellers will be aware that the outlook could change dramatically given the likelihood of an Israeli counter to Iran’s recent missile attacks.

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

​Natural gas continues to fall

​Hopes of a rebound were dashed on Friday, as the natural gas price reversed course.

​More losses have put the price on the back foot in early trading, pointing towards a deeper pullback after the rally of late August and September.

​Having made such strong gains since the August low, such weakness is hardly surprising, but overall a bullish view is still in place, unless we see a close back below 2500.

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.

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
Find out more

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.