Gold price and oil price both struggling to move higher
Commodity prices have remained relatively quiet over the past 24 hours, with both gold and oil unable to push higher.
Gold clings to support
The gold price continues to bounce along above $1450, but shows little inclination at present to move higher.
Tuesday’s lower high at $1463 is the first target in any push higher, while a move below $1450 brings $1410 and then the 200-day simple moving average (SMA) at $1401.60 into play.
WTI stuck in narrow range
Gains for the WTI have stalled at $58.50, but the $57.40 level has held as support this week so any bigger move lower needs to breach this level.
Meanwhile, a rally above $58.50 would open the way to the upper bound of the channel towards $60.00, with $59.40 a potential area of resistance first.
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
- Forex
- Shares
- Indices
