Gold price and oil price both resume their march higher
Gold and oil are both on the up, building on the gains seen over the past week.
Gold recovers from Friday's volatility
While Friday saw the price of gold spike to $1515, this bounce was rapidly reversed.
Nonetheless, the price then began a recovery and maintains the uptrend from the past few sessions. A break through $1520 is the key here, since rallies to this level this month have run into resistance Above this $1535 and $1550 come into play. A pullback towards $1500 or $1490 may find buyers, with a close below $1480 needed to provide a more bearish view.
WTI continues its ascent
Last week saw the WTI price rise strongly, finally making a decent attempt to rally from the firm base around $52.00.
Further gains head towards $59.00, and then on to $61.00. Last week saw prices find support around $55.50, and then if this fails as support the price heads towards $53.50. So long as $53.00 holds then we expect further upside in the near term.
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.