Gold price falls but oil price holds steady

Gold is struggling in the general risk-on atmosphere, while oil prices are consolidating after recent gains.

Gold drifts lower again

The gold price was able to summon up only a limited rebound yesterday, and while it has pushed higher overnight it remains stuck in a downtrend from last Wednesday’s high.

It has yet to challenge the 50-hour simple moving average (SMA) of $1460, something that may help to determine the next direction – usually downtrends see the price unable to move above this moving average, so if we have a bounce towards $1460 that then turns lower, then a potential sell signal is in place. A recovery above $1460 is needed to suggest a more bullish near-term view.

WTI consolidates after bounce

Yesterday’s dip to the 200-hour SMA ($57.26) found buyers, although so far the WTI price has shown little inclination to move above $58.00.

The recovery from last week’s low provides a more bullish view, and would still point towards further upside in the near-term. However, a drop back below $57.20 would be a negative development. Above $58.50 the price heads to $59.90 and the top end of the rising channel.

The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.

React to volatility on commodity markets

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • 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

See opportunity on a commodity?

Try a risk-free trade in your demo account, and see whether you’re onto something.

  • Log in to your demo
  • Try a risk-free trade
  • See whether your hunch pays off

See opportunity on a commodity?

Don’t miss your chance. Upgrade to a live account to take advantage.

  • Analyse and deal seamlessly on fast, intuitive charts
  • Get spreads from just 0.3 points on Spot Gold
  • See and react to breaking news in-platform

See opportunity on a commodity?

Don’t miss your chance. Log in to take your position.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

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.