Gold price and Brent crude price start to turn higher once more
Gold and Brent crude start to show signs of a bullish resurgence, following on from a period of downside volatility.
Gold finds support on ascending trendline
Gold has been consolidating overnight, following a big pickup in volatility yesterday. Interestingly, we are seeing the price of gold find support on the previously relevant ascending trendline.
Given the uptrend in play, there is a good chance we will see another leg higher from here, with a break through the $1964 resistance level providing us within a bullish signal. Conversely, a break back below trendline and $1948 support would highlight the potential for another move lower.
Brent attempting to regain ground after recent declines
Brent has also seen some downside volatility of late, with the price falling tentatively below the 76.4% Fibonacci support level of $43.09 on Monday.
However, with the wider trend of higher lows still in place, we are seeing the price build bullish momentum once again. As such, further upside looks likely from here, where that bullish view holds unless we break below the $42.50 lows.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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.
Speculate on commodities
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
Live prices on most popular markets
- Forex
- Shares
- Indices
