Gold price and Brent crude price continue to trend higher
Gold and Brent continue to gain ground, with uptrends remaining in play until we see key support broken.
Gold continues its ascent after hitting decade high
Gold has been on a consistent surge throughout the past month, with the rise taking us through the $1800 barrier for the first time since 2011. This uptrend shows no signs of letting up just yet, with short-term charts likely to prove useful as we look for further gains.
Given the shallow pullback seen overnight, a break through the $1818 peak would provide another buy signal, with stops utilising the recent low of $1806. However, should we instead head lower rather than break that resistance level, we would essentially be looking at this current period of downside as a retracement of the rally from $1791. At which point, the $1797-$1801 Fibonacci retracement zone would look useful as a potential buying area. Only once we start to break through the likes of $1791 would we be looking at a potential wider period of downside to come into play.
Brent gradually on the rise, yet gains slow
Brent crude has continued its ascent, with the price on the rise since Tuesday’s low. However, we are yet to break through the $43.71 level to continue the uptrend, with the price finding difficulty at the $43.48 mark.
A rise through that level should kick-start the rally once more, with a subsequent move towards the $43.71 likely. However, to the downside a move back through the likes of $42.90, and $42.50 would bring about a more bearish outlook for the short term.
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.
