Gold price stuck at resistance while oil price is edging higher
Gold has run into resistance, while oil prices are still advancing thanks to a rise in US demand.
Gold falters at $1423
The price of gold has been in a descending channel since 25 June, with a rally to $1423 running out of steam, creating a lower high.
Further declines could head towards the lower bound of the channel at $1394. A move above $1424 is needed to see a breakout from the current channel.
WTI still in uptrend
WTI continues to climb, moving above the 50-day simple moving average (SMA) of $59.01. More gains head towards $60.15, and then $63.75.
A move above $60.20 would mark a break higher from trendline resistance and April highs. A move back below $58.00 would suggest a more bearish view, potentially resuming the post-April downtrend, targeting $51.00.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
Please see important Research Disclaimer.
Trade 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.