Gold price surges while oil price pauses for breath
Gold is pushing higher once again, while oil is calm for now after yesterday’s volatility.
Gold finds new bullish momentum
The gold price has rallied off the lows from yesterday’s session, breaking through trendline resistance from the 16 April high.
Gains over the past few sessions have stalled at $1700, so a move through here would begin to restore a more bullish view. Further gains from here target $1740. Alternatively, a reversal below $1670 is needed to furnish a more bearish view, which might then bring $1640 into view.
WTI stabilises after sharp drop
Having fallen dramatically again yesterday, we have seen some stabilisation in the WTI price, although the bearish view remains firmly in place.
Yesterday’s short-term rebound stalled at $14.70, so this is the first target on the upside, and then beyond this the 50-hour simple moving average (SMA) at $18.18 comes into view. Further declines back below $10.80 provide a more bearish view once again.
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.