Gold price fails to rally while oil price posts small gains
Gold has run into further resistance while oil prices have continued to move higher.
Gold struggles below $1610
Yesterday’s bounce fizzled out at $1610 for gold, and so far the price has been unable to recover this level. Further declines bring $1563 into play, the low from last week.
A move back above $1610 would provide a more bullish short-term view, although even then it needs to clear $1660 to reinforce this view on a longer-term outlook.
Brent continues modest recovery
Having rebounded yesterday, the Brent price has edged back overnight, but remains in a short-term uptrend. Further gains above $53.80 target $54.75, and then on to $56.40.
A reversal back below $50.00 would negate the bullish view and suggest that the downtrend of late February has resumed.
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.
