Gold price falls and oil price falters at resistance
Gold is in retreat this morning, and another attempt by oil to break higher has failed.
Gold remains under pressure
We may be on the cusp of a bigger retracement in gold, although previous support at $1490 may come in to play to prevent this.
Nonetheless, even a deep pullback towards $1440 would leave the broader uptrend intact. A rebound above $1510 would then suggest a move back towards $1550.
WTI stumbles again at resistance
WTI’s valiant attempt to push higher yesterday came to nought, as $57 remains solid resistance.
The price may now push back towards $53, renewing the current trading range. Bulls will have to wait for a close above $57 to suggest a move higher is underway.
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.