Gold price retraces recent gains, while we await a major Brent crude oil price breakdown
Gold is easing back after the recent surge, yet Brent crude is trading around a key support, following a recent head and shoulders completion.
Gold pullback likely to be a retracement
Gold has eased back overnight, with the haven losing ground as stock markets rebound.
The key here is whether we break below the $1453 swing low or not. Should that occur, we would be looking at a wider retracement of the $1400-$1475 rally. Until then, there is still a good chance we push higher from here, with the price of gold clearly gaining prominence amid the threat of an intensified US-China trade war.
Brent crude builds on bearish head and shoulders pattern
Brent continued its declines yesterday, with the price fleetingly hitting the lowest level in almost seven years.
That points towards a likely next leg lower before long, which would be building on the bearish head and shoulders formation established over the past month. Should we see that next leg lower come into play, a decline below the $59.23 mark would be the signal that could spark another sell-off for crude prices.
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.
