Gold price and oil price break higher
Dollar weakness has allowed both oil and gold to push higher, continuing their recent strong runs.
Gold breaks out of bearish pattern
Gold buyers have reasserted control of the price, which has broken out of the descending channel that has been in place for a week.
Further gains towards fresh-decade highs now look likely, while sellers will want a reversal that takes the price back towards $1790, although a close below this is needed to provide a more bearish view.
WTI looks to break higher
Oil prices continued their rebound, heading back towards $41.00, which has provided resistance since early July.
Above here $41.60, the high from late June, is back in play. A more bearish view requires the price to fall below $39.00, breaking trendline support from the 24 June low.
This information has been prepared by IG, a trading name of IG Markets Limited. 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.
- 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
