Gold price hits resistance while oil price pushes upwards
The price of gold is back to an area of strong resistance, while oil prices still appear to be on the up.
Gold back to key area of resistance
Gold finds itself returning to the $1480-$1485 area that has held back progress over the past four weeks.
A close above $1490 would see the price decisively clear this area and open the way to more gains. Alternately, a failure to push on, similar to what we have seen so far this week, would raise the prospect of a turn lower towards $1460.
WTI climbs once again
Tuesday’s late WTI rally was unwound after the price stabalised at $61.00, but if the price can hold the 50-hour simple moving average (SMA) at $60.28 then the trend is firmly intact.
Further gains head towards $62.00, while a turn below $60.00 would begin to suggest a deeper retracement is at hand.
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