Your capital is at risk. CFDs can result in losses that exceed your initial deposit. Please ensure you fully understand the risks involved. Your capital is at risk. CFDs can result in losses that exceed your initial deposit. Please ensure you fully understand the risks involved.

Gold price hits new peak while oil price drifts sideways

Gold’s surge has continued this morning, while oil prices have seen limited movement, remaining above recent support.

Gold hits new high

The surge continues for gold, with no sign that it will run out of steam any time soon. It makes sense to expect further gains, especially since the intraday charts provide no sense that a reversal is at hand.

However, with the price now stretched on both daily and hourly charts some form of pullback towards $1900 might help ‘reset’ the market from its current frothy state and provide some more attractive opportunities in risk-reward terms.

WTI still holding support

Upside here has been limited over the past week for WTI, but there has been little chance for bearish positions to prosper either.

Losses have been contained in recent sessions, with $40.75 acting as an area of support. If this continues to hold then a push back towards $42.50 cannot be ruled out.

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.