Gold price surges while oil price comes under fresh pressure

The price of gold continues its ascent, pushing through its mid-September resistance. Meanwhile, oil prices are heading lower once more.

Gold breaks mid-September peak

Gold shot higher yesterday, pushing above the mid-September high of $1520. Having taken out this level, it looks primed for further gains, in the direction of $1550.

The bullish view for gold will remain in place, unless we see a reversal below $1515.

WTI heads towards trendline support

Crude has pushed lower again, after edging up towards $57.00 overnight. More declines seem likely, as the price resumes its bearish trend.

The most hopeful thing for bulls would be a test of trendline support from the 7 August low, which would suggest a possible low of around $55.50.


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
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

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.