Gold price under pressure while oil price rallies
Gold is once again moving lower, while oil prices have rallied hard from yesterday’s lows.
Gold under pressure as risk appetite holds steady
Gold continues to falter, having rallied to, but failed to break above, the $1710 level.
This lower high brings $1690 into view. Below this, $1660 is the next target. Alternatively, a push through $1710 brings $1740 into view, the big resistance throughout April.
WTI falters after bounce
There has been a strong rally off the lows of Tuesday’s session, but WTI gains are currently stalling at $15.50. Above this, the $18.80 peak from last week comes into view.
However, the downtrend is still in effect, and a possible lower high at $15.50 would provide a possible selling opportunity, targeting $12.00 in the first instance, then $10.94 and $9.52.
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