Brent crude price and gold price ease back after overnight gains
Gold and Brent crude prices slip back after sharp gains seen in response to the Iranian attack on US locations in Iraq.
Gold pulling back after overnight surge
Gold saw another surge overnight following a decline into $1553, closing the weekend gap in the process.
We are now seeing the price of gold turn lower, with the market posting another retracement. This is perceived to be a retracement unless we see a break below the $1554 support level. There is certainly a risk that this upside is only sustainable with continued military action or combative rhetoric. However, unless we break $1554, the short-term uptrend remains intact.
Brent slides back into key support after overnight spike
Brent crude has seen a massive ramp-up in volatility over the past week, yet that move has certainly not been in one direction.
Despite the attack overnight, we have seen the price pull back sharply towards the $67.56 support level which has been respected twice over the past week. With that in mind, watch out for whether we see this level broken to bring about a more bearish picture. Until that happens, there is a chance we will start to turn higher from this 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.
React to volatility on commodity markets
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
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re on to something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance – upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
