Gold price edges up as oil price weakens

Gold is pushing higher while oil prices are still edging back from their highs of last week.

Gold heads back towards recent top

Gold has held the lower bounce of the current trading range, bouncing from $1670.

Now the test of the top end of the range at $1740 will come into view once again. A breakout either above $1740 or below $1660 is needed to establish the next direction for the commodity.

WTI edges lower in early trade

The bounce in WTI from last week’s lows appears to have run its course. However, with momentum heading towards a more ‘oversold’ condition, bears should tread carefully.

Below $19.70 the price heads towards $18.00, and from there a much deeper retracement beckons. Alternatively, a revival above $21.50 would provide a more bullish view and point the way towards higher prices.

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

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.