Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

​​Brent crude oil price falls further while gold price keels over as aluminium price grinds higher

​​​The Brent crude oil price slips further from its 2-month high as investors await Jerome Powell’s testimony. Gold price drops as aluminium price retains mildly bullish stance.

Oil Source: Adobe images

​​​Brent crude oil price comes further off its 2-month high

Brent crude oil front month futures are on track for their third day of falling prices from their Friday 2-month high at 87.71 as investors await US Federal Reserve (Fed) Chair Jerome Powell’s senate banking committee testimony.

​The fall through the June-to-July uptrend line puts the 84.72-to-84.32 mid-to-late May highs on the map. This area is expected to withstand the initial test as support, though.

​Only a rise above last week’s high at 87.71 would push the minor psychological 90.00 region back to the fore.

Brent Crude Oil chart Source: IT-Finance.com
Brent Crude Oil chart Source: IT-Finance.com

​Gold price keels over

​The spot gold price seems to be once again keeling over, having made a six-week high at $2,393 per troy ounce on Friday. A fall through Monday’s $2,352 low would engage the 55-day simple moving average (SMA) at $2,341 ahead of the 24 May low at $2,326 and the early July low at $2,319. A fall through Monday’s low at $2,319 could lead to the May-to-June lows at $2,294-to-$2,278 being revisited. This support area is key for the medium-term trend.

​Only a rise above last week’s high at $2,393 may lead to the $2,400 region being reached ahead of the $2,431 April high.

Spot Gold chart Source: IT-Finance.com
Spot Gold chart Source: IT-Finance.com

​Aluminium price continues to advance slowly

​The price of aluminium, which slipped from its 2,792 two-year high to its 2,470 mid-June low, continues to range trade with a bullish bias. It continues to be supported by the February-to-June uptrend line at 2,516.

​A rise above last week’s 2,561 high is needed for the 55-day SMA at 2,577 to be reached.

​Only currently unexpected failure at 2,470 would engage the 2,399 December peak.

Aluminium chart Source: IT-Finance.com
Aluminium chart Source: IT-Finance.com

This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

React to volatility on commodity markets

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • 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

See opportunity on a commodity?

Try a risk-free trade in your demo account, and see whether you’re on to 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.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.