Gold price and Brent crude price on the rise
Gold and Brent crude gain ground, yet sharp declines for havens could see gold turn lower once again.
Gold rebounds after sharp breakdown
Gold saw sharp losses through the backend of last week, with the precious metal falling into the $1671 support level.
The rebound we are seeing currently looks like a potential retracement before we turn lower again, with a break through the $1721 threshold required to negate the bearish trend that has been playing out over recent weeks. With that in mind, while we could see short-term upside, it is worthwhile watching the 61.8% and 76.4% Fibonacci resistance levels for a potential bearish reversal.
Brent crude rallies into inside trendline resistance
Brent has been on the rise once again today, with the weekend agreement to extend the Organisation of the Petroleum Exporting Countries+ (OPEC+) cuts providing a gap higher at the start of trade.
Much of this has been expected, therefore, we are failing to see much follow through as things stand. Whether this ascending trendline will lead to a short-term pullback or not remains to be seen. However, in either case, it seems likely we will see further upside before long, with a break below $38.79 required to negate this bullish trend.
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.
