Gold price looks bullish while WTI price could be building market top

Gold looks primed for rebound, while WTI consolidation could point towards a potential top coming into play.

Gold shows signs of potential bullish rebound

Gold weakness through the end of April looks unlikely to last, with the rally through the $1714 resistance level highlighting a potential bullish resurgence coming into play.

The pullback we have seen this morning has taken us back into trendline and 50% Fibonacci support, highlighting a potential area for the pair to rebound. With that in mind, a bullish outlook holds unless we see a break below the $1682 support level.

WTI consolidation could mark a top after recent gains

WTI has been rangebound since Tuesday, with the price action largely confined to the $23.84-$27.39 zone within that time. With just a week left until the end of the June contract, we are likely to see questions resurface once more given the negative pricing seen at the end of the May contract.

With WTI having gained so much ground, there is a chance we could see this market start to reverse lower. A break below the $23.84 level would bring about a more confidence bearish outlook. Until that occurs, a break from this ascending triangle provides us with short-term directional signals.

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.