Gold price and oil price move higher
Gold and oil have rediscovered their bullish momentum, pushing higher in early trading.
Gold starts to push higher
It looks like the gold price is finally discovering some upward momentum, after yet another higher low yesterday.
The price moved briefly below $1720 and then rallied, and is now challenging the $1730 high that has marked the peak all week. Above here, $1740 and then $1765 come into play.
WTI on the up again
WTI has been given a significant boost following the Organization of the Petroleum Exporting Countries' (OPEC’s) push to ensure compliance among members on output cuts.
As a result, the price has pushed back towards the highs from 8 June above $40.00, with dip buyers over the past week being rewarded for their patience. The bullish view remains in place unless we see a reversal back below $37.50.
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