Gold’s bounce stalls as oil recovers
Expectations of more gains in gold have been stymied, while oil prices have made further gains after stabilising yesterday.
Gold
Hopes of a rebound in gold have been dashed after Tuesday’s session saw the price retreat from the 200-day simple moving average (SMA) at $1825, simultaneously failing to hold the highs of the session.
While a full-blown retracement has yet to develop it does look rather unpromising for the longs; a rally back above $1820 would help to revive the bullish view, while sellers expect further declines below $1800 that will strengthen the bearish case.
WTI
Oil found its footing yesterday, recovering from a brief trip below Monday’s low.
It continues to hold above the 100-day SMA ($66.52), giving hope for bulls that a higher low can be formed, with a new push back to the early July highs contemplated in due course. This view is negated if the price reverses course and falls back below $65.
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.