Gold price stabilises, but silver and Brent crude price head lower
While gold prices are holding firm, both silver and Brent crude have fallen in early trading.
Gold rallies off the lows
Monday saw the spot gold price fall back to the 50-day simple moving average (SMA), before rebounding.
However, it remains at risk of further declines in the short-term testing the 50-day SMA once more. A close below this and below $2350.00 would bring the $2280.00 support zone into play once more.
Silver continues to drop
The silver price has continued its fall, after it reversed course last week.
Unlike gold, the price was unable to recover most of Monday’s losses, and further losses today have taken the price down towards the 200-day SMA.
At present there seems little sign of a rebound, which puts a test of the 200-day SMA in focus, for the first time since 4 March. Horizontal support at $26.03 is also coming into play.
Brent heads lower
Like many markets, Brent crude oil rebounded off the lows yesterday, but has now fallen again in early trading this morning.
The price finds itself below the June lows at $76.60, and also below the February lows. Further declines take the price on to the January low at $74.80, and then down to the December low at $72.50.
The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.
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 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.
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.
