Gold price rallies while oil price continues to fall

Gold is on the up again, attempting to establish a fresh higher low, while oil prices have fallen as economic growth forecasts are cut.

Gold rallies on revival of risk-off move

The price of gold has staged a decent rebound from $1460, recovering from the lows of the week.

Further gains target $1520 and possible trendline resistance from the September peak. A breakout above here brings $1530 and $1555 into play. A move back below $1480 revives the bearish view in the short term, although the longer-term trend is still up and should be viewed as the more important one.

WTI slumps to six-week low

It has been another week of heavy losses for WTI, which has fallen to a six-week low.

It continues to push through support levels, with the latest being $52.00. A break below this brings $50.70 into view. A rebound above $54.00 might begin to provide evidence of a more near-term bullish view. Until that happens, intraday rallies may continue to be sold.

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.