Gold price and oil price both rallying
Oil and gold are on the up once more, after consolidating in Tuesday’s session.
Gold targets recent highs
Like indices, the gold price bounced on Monday but then consolidated yesterday. However, bullish momentum appears to be building, and a push through $1735 and then $1745 opens the path towards the recent peak at $1765.
A move below $1715 would breach trendline support from the early-June lows, and then below possible support at $1705 a more bearish view emerges.
WTI resumes its move higher
After rallying towards $39.30, the WTI price fell back yesterday, but overnight weakness has been contained around $37.40. Further gains target $39.00 and then on towards $40.60 in the short term, while beyond this $42.60 comes into view.
A more bearish view requires a drop below $37.00 that then targets $34.50.
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
Live prices on most popular markets