Gold price and oil price both rally

Gold has moved off its low from mid-week, while oil is consolidating after a significant surge following a tweet from Donald Trump.

Gold pushes on from mid-week lows

The gold price has recovered from the weakness of mid-week, and is now pushing on to $1620, where it stalled yesterday.

But with only a small dip overnight, it looks like the buyers remain in control. Above $1620, the price targets $1640 and the highs from late March, with a push above creating a higher high and reviving the upward move.

WTI surges after Trump tweet

Crude oil has been given a huge lift by Donald Trump’s tweeting, but it is unclear if the deal to which he alluded will actual come to fruition.

Still, from a price basis we have a potentially more bullish setup, as the price rallies back to the highs of late March around $28.00. A reversal back below $25.00 would be a negative development, while further gains target $34.20 and $36.20.


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

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

You might be interested in…

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.