Gold price bottoming out while oil price falls again

Gold appears to be bottoming out after recent losses, but oil is still struggling to rally.

Gold appears to be bottoming

A mixed day for gold yesterday saw a sharp rally knocked back. However, the price recovered and has pushed higher in early trading.

Further gains head towards $1525 and, above this, $1550 comes into play. A move back below $1490 reverses the nascent bullish view.

WTI still falling

The WTI price remains under pressure, with the overnight rally now turning lower from $55.30. The next targets in a sustained downturn are $53.00 and $52.04.

That being said, if the price can hold above $54.00 then a more bullish view may develop.

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

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.