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 anticipation of a recession and potential OPEC+ deal providing short-term drivers.

​Gold continues to push higher

Gold has been driving higher over the past week, with sideways consolidation giving way to strong upward moves. We appear to be entering another consolidation/retracement phase, pointing towards a likely pause in this story despite the expectations of further upside.

As such, long positions are preferred on either a deep retracement ($1622-$1632) or on the breakout back through $1674. A break below $1606 would be required to negate this bullish outlook.

Brent rallies into Monday peak

Brent has managed to claw back the losses seen since yesterday’s peak of $34.52, with the price moving back in to close the weekend gap. With much anticipation over the impending OPEC+ (Organization of the Petroleum Exporting Countries [OPEC] members plus Azerbaijan, Bahrain, Brunei, Kazakhstan, Malaysia, Mexico, Oman, Russia, South Sudan and Sudan) meeting and potential production cut, the potential of a big collective effort to lift prices is seemingly doing its job for now.

Whether an agreement is reached that will be satisfactory for markets remains to be seen. However, for now we will be watching for a potential break through $35.14 to move away from this recent period of consolidation. Should that occur, we would be looking for further upside as we head towards the $36.36 peak from Thursday. Otherwise, a failed meeting could bring significant downside, with the bearish trend coming back into play below $32.34.

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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