Gold price poised to rally as oil price weakens
A pullback for gold may provide a fresh higher low, but oil prices are continuing to drop.
Gold’s uptrend poised to revive
The pullback from the high of the week has seen the gold price test the rising 100-hour simple moving average (SMA) at $1795.
A turn higher for hourly stochastics or moving average convergence/divergence (MACD) could signal that yet another higher low is in place, raising the prospect of a move back towards $1820 and higher.
WTI stumbles after sharp losses
For WTI, a sharp drop yesterday wiped out the gains made at great effort over the past two weeks.
Further declines below $38.90 will open the path to $37.00 and the late-June lows. Attempts to rally yesterday failed around $40.00, so we will need to see this level reclaimed for the bullish view to receive a boost.
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