Gold price and Brent crude oil price take a breather from recent trends
Gold is taking a breather following recent gains, while Brent losses also ease with a rebound from Fibonacci support.
Gold takes a breather after recent gains
Gold is consolidating this morning, following on from a period of sharp gains amid a flight to safety.
That uptrend is likely to come back into play soon enough, yet we could see gold drift lower a little more for the time being. Watch for a break through the $1510 peak as a bullish signal to continue those gains. Otherwise it is a case of buying on a deeper retracement. Either way, a bullish outlook remains in play unless we see a break below $1453.
Brent crude expected to turn lower after overnight gains
Brent has managed to regain ground overnight, following a bout of losses throughout the beginning of August. However, that bearish picture remains relevant, with the wider decline below $59.23 pointing towards impending losses.
The one caveat to that bearish picture is the recent respect of 76.4% Fibonacci support at $56.06. However, for the short term, we have rallied back towards trendline resistance, and with the downtrend still in play it makes sense to look out for further downside. Thus, a bearish outlook is in play here, with a break through the $59.11 swing high needed to bring a more bullish picture.
IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.
The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.
Trade 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets
- Forex
- Shares
- Indices
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.
