Gold price falters as oil price keeps rallying

Gold is on the back foot again while oil prices have managed to move higher.

Gold struggles to hold gains

The bounce in gold from last week is now a distant memory and the price has retraced much of the rally from Wednesday’s lows.

If the price can recover from above $1700 then another attempt to clear $1720 may be in the offing, which would bring $1745 into view. Alternatively, we look for a drop below $1690 that opens the path to $1670.

WTI continues to climb

WTI is now in the gap down zone from early March, with the upper bound of the gap at $41.40.

Further gains take the price on towards $46.55, the 200-day simple moving average (SMA). As with indices, we have little sign of a reversal in play, and this morning’s move higher merely intensifies this uptrend.


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

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.