Gold price drops as oil price holds firm
Gold is fighting to hold its ground while oil continues to move higher after heavy losses at the beginning of the week.
Gold hit by risk-on revival
Gold looks at risk of further declines, as its overnight bounce from $1640 hits $1665 and starts to turn lower.
Below $1640 the price heads towards $1584 and then $1564. The price needs to clear $1665 to open the way to more upside, targeting $1700.
WTI edges higher
The WTI price continues to clamber higher, having managed to push up to $36.00 overnight.
This modest rebound will continue with a fresh move above $36.00, helping to close more of the gap from Monday. A move back below $32.00 would signal a resumption of bearish momentum.
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