Gold price and oil price both in retreat
Both gold and oil are losing ground this morning, hit by the rising dollar and virus fears.
Gold in retreat as dollar strengthens
Gold has been pushing lower over the past few sessions, carving out lower highs and lower lows.
The bounce on Friday ran out of steam at $1560, and further declines towards and below $1500 create a lower low. A rebound through $1600 is needed to provide a more bullish view.
WTI turns back towards recent lows
As with equities, so with WTI. Selling the rallies remains the approach here, as we saw on Friday when the bounce stalled at $34.00.
Further declines target last week’s low at $27.60 for now. Below this the next major area of support is 2002 and $15.50 a barrel.
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.