Gold price and silver price rise and Brent crude price surges on geopolitical news
Oil prices have been lifted sharply by escalating tensions in the Middle East between Iran and Israel. Meanwhile, gold and silver are making further gains.
Gold price targets new highs
The spot gold price continues to rally, and with both daily stochastics and moving average convergence/divergence (MACD) providing bullish crossovers the bullish view has received fresh support.
Further gains target the high from mid-July, and then on to fresh record highs.
Silver rebound goes on
The recovery continues for silver after it hit a three-month low earlier in the week. The price has closed back above the 100-day simple moving average (SMA) and has continued to gain, accompanied by a bullish stochastic crossover.
Further gains head towards the 50-day SMA and then the $31.00 highs from early July.
Brent surges on conflict fears
Escalating tensions in the Middle East have caused oil prices to rebound sharply.
Having formed a low at $78.00, the Brent crude oil price looks set to make further gains, and could push in the direction of the previous highs from early July near $88.00. However, a close above the 200-day SMA will be needed first.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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. See full non-independent research disclaimer and quarterly summary.
Speculate 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
Prices above are subject to our website terms and agreements. Prices are indicative only