Gold price looking stronger while oil price fades

Gold prices have moved modestly higher, while oil is looking to find support above $56.00.

Gold looks to build on overnight rally

Gold prices stabilised yesterday above $1445, but with the price potentially creating a lower high, a fresh selling opportunity may appear.

For now we have yet to see a higher low being created, so the bearish view remains in place.

WTI edges back towards support

The WTI price has headed back towards the $56.00 area that has acted as support, and if it holds above the 200-hour simple moving average (SMA) at $56.47 again then a possible bounce may develop.

This would target $57.60, with a rally above this level marking a fresh bullish development. Below $56.00, the price heads towards $55.00 and the lower end of the current rising channel.

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.