CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure. CFDs are a leveraged product and can result in losses that exceed deposits. Please ensure you fully understand how CFDs work and what their risks are, and take care to manage your exposure.

​Gold and Brent crude prices push higher in tandem​

Gold and Brent crude push higher, with both markets expected to see further gains.

​Gold ascent halts at key resistance level

Gold has been on the rise throughout the week, with the past two days seeing that bullish momentum really pick up pace. This has taken us into the $1611 resistance level, which was established on 8 January.

A break through that level would bring about a fresh six-year high. The price is stuck between two trendlines, which could provide support or resistance. Given the consolidation we are currently seeing, it makes sense to await the resolution at this critical resistance level. A break below $1602 would bring about a more bearish short-term picture, providing a potential retracement of the rally from $1579. Conversely, a break through this $1611 level would point towards yet another leg higher following a minimal pullback.

Brent crude rallies into trendline resistance

Brent has been on the rise, with recent losses now being reversed following a bullish break through $56.61 resistance. The subsequent rally has taken us back into a long-term inside trendline dating back to January 2016.

Keep an eye out for this trendline today, given the role it could play in seeing Brent ease back somewhat. However, further upside does look likely and thus any short-term downside would be deemed a retracement before we push higher once more. This bullish outlook holds unless we see a break below the $56.21 support level.

This information has been prepared by IG, a trading name of IG 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.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

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