Gold in retreat as oil climbs to new highs
The pullback in gold may be developing into something more serious, but oil prices have renewed their move higher.
Gold
The gold price has fallen sharply since last week’s failure to hold $1900, giving back all the ground gained since mid-May. Further declines now bring $1840 into view, although for the moment this is still a pullback within a bounce from the April low. Buyers will be looking for a bounce back above $1860 to begin to put the price back on an upward path.
WTI
Oil refuses to head lower despite growing signs of a détente between Iran and the US. The latest upward thrust continues to power the price to new three-year highs, and while it looks overextended from the 50-dy SMA ($64.82), for the moment this does not appear to bother the commodity. The late 2018 peak at $76.81 now comes into view.
React to volatility on commodity markets
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.
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Related articles
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.