Gold price and oil price both on the up
Both gold and oil are moving higher, the latter having managed to break outside of its recent tight range.
Gold’s climb continues
From a descending channel to an ascending one, gold has continued to climb, pushing through $1740, with further gains heading towards $1755 and then on to $1765.
A more bearish view would require a reversal below $1730, which might target $1710 and $1695. But for the time being, we have little sign of that reversal beginning to develop.
WTI breaks above $35.00
Friday’s surge brought a welcome dose of volatility for the WTI price, which succeeded in breaking above $35.00.
From there further gains target $41.00, the upper bound of the March gap lower. A reversal below $30.00 is needed to provide a more bearish view.
This information has been prepared by IG, a trading name of IG Markets 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.
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
Live prices on most popular markets