Gold price fails to rally while oil price rebounds
While gold is still struggling to rally, oil is surging off the lows of the week.
Gold fails to rally
It is interesting that gold was not a beneficiary of yesterday’s selloff in equities. This week has been the story of a rally that failed to get going, with the price back to last week’s levels. It has not gone below the recent low at $1910, but there seems no sign of upward momentum just yet. There is some hope for bulls, as the price has succeeded in moving above trendline resistance from Tuesday’s highs. A reversal back below $1920 nullifies this and brings $1910 into view.
WTI surges in early trading
TheUS crude price fell sharply earlier in the week, with yesterday’s session being more of a chop than anything else. But for now, the price is holding $41, so a possible rebound is in play. A more bullish view however requires the price to clear $42 and then $42.50, otherwise the break lower will gain strength.
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.