Gold price moves up as oil price breaks higher
Oil and gold are both moving higher, with the latter benefiting from continued caution in risk assets.
Gold keeps pushing higher
The rally for gold shows no sign of slowing, and while the price has spent the past 36 hours bouncing along just above $1760, this looks to be the prelude to a broader move higher, targeting $1780 and higher.
Alternatively, a drop below $1760 targets $1750 and rising trendline support. The bullish view remains in place unless we see a reversal below $1740.
WTI revives rally
The WTI price broke through trendline resistance from the week’s highs yesterday, and while some weakness has been seen early this morning, the overall move higher appears intact.
Having bounced from trendline support yesterday it looks like the buyers are still in charge. A reversal below $37 would cancel out the bullish view.
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