Gold price edges back as oil price drops sharply
Gold has not benefited from the sudden resurgence of volatility, while oil prices are giving back some recent gains.
Gold still not moving higher
Trendline resistance from the mid-May highs helped to hold back progress, and further declines today look likely to bring $1709 and the 50-day simple moving average (SMA) into view, while a longer-term move down targets $1680 and the early-June lows. A rally through $1740 clears the way towards $1750 and $1765.
WTI steadies after losses
Having stalled mid-week below $39.50, the WTI price dropped sharply yesterday. Declines have been stemmed for now above the 100-day SMA ($34.92), but a further drop targets $31.00 and then $28.33 the rising 50-day SMA.
Today’s price action will be vital, with a bounce towards $38.00 that creates a lower intraday high likely to create more selling pressure.
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