Gold price and oil price both edge down

Gold and oil are both running out of steam, although so far downside for both has been limited.

Gold still edging lower

The gold price has drifted lower since 3 October, with rallies first to $1515 and then $1500 and $1490 unable to hold their ground. Over the past week the $1475 area has become support, and a move below this brings $1460 into play.

In the longer term, this still looks like a broader retracement in the context of the move higher over the past few months, and as such any move above $1500 may generate fresh bullish momentum, targeting $1520 and higher. A move below $1460 would put further pressure on this view, but would not remove it entirely.

WTI back below $54

Hopes of a continued rally for WTI appear to have been dashed, as the price continues to retreat. However, price action over the past three days has managed to hold back further downside, holding around the $53.00 mark.

If it can push back above $55.00 then a rally is back in play, and even if not a daily close below $52.00 is still needed to suggest that a fresh push lower is underway. Intraday, the price needs to break out of its $52.60-$53.80 range that has held over the past three days.

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

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

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.