Gold price and oil price both in full retreat
Gold and oil are both continuing to lose ground, as the US dollar carries all before it.
Gold driven lower
It continues to be a tough week for gold, as the price drops to a near two-month low. So far there is little sign of a recovery, with a move below $1450 opening the way to the 100-day simple moving average (SMA) at $1427.
An intraday rebound towards $1475 may find fresh resistance, and even a bounce towards $1490 might not reverse the bearish short-term view.
Brent fails to find a low
Yesterday’s Brent price slump put paid to the view that the price was finding a low above $60.00. However, it is still in an uptrend, defined more by higher lows than higher highs. If the price can stabilise somewhere above the early September low of $58.50 then a turn higher may yet result.
That being said, the price continues to create lower highs intraday, and a rebound towards $61.00 may continue to fit this pattern.
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
