Gold price rallies while oil price continues to fall
Gold is on the up again, attempting to establish a fresh higher low, while oil prices have fallen as economic growth forecasts are cut.
Gold rallies on revival of risk-off move
The price of gold has staged a decent rebound from $1460, recovering from the lows of the week.
Further gains target $1520 and possible trendline resistance from the September peak. A breakout above here brings $1530 and $1555 into play. A move back below $1480 revives the bearish view in the short term, although the longer-term trend is still up and should be viewed as the more important one.
WTI slumps to six-week low
It has been another week of heavy losses for WTI, which has fallen to a six-week low.
It continues to push through support levels, with the latest being $52.00. A break below this brings $50.70 into view. A rebound above $54.00 might begin to provide evidence of a more near-term bullish view. Until that happens, intraday rallies may continue to be sold.
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.
This information/research prepared by IGA or IGA Group is intended for general circulation. 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 or 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. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. In addition to the disclaimer above, the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
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.