Brent crude oil price and gold price at risk of declines

Gold and Brent start to show signs of a potential bearish turn after recent gains.

​Gold starts to fade after sharp rebound

Gold has seen a nice rebound following the intraday double bottom completed on Tuesday. The rebound in gold has taken us into the $1479 resistance level, with the price now moving lower.

A break through $1484 would be required to bring about a continuation of the bullish theme seen through the creation of higher highs and lows over the past month. However, with the price having respected the 76.4% Fibonacci retracement level, there is a good chance we will see further downside come into play over the short term.

Brent rally brings potential shorting opportunity

Brent broke below the $63.28-$63.44 support zone yesterday, bringing about a bearish short-term outlook for this market. We have since seen a rebound overnight, yet that looks to provide us with a more advantageous shorting opportunity.

With that in mind, there is a good chance we will see this market turn lower soon, with a bearish outlook in play unless we see a rally up through $64.33 resistance. Such a decline would be expected to provide a retracement of the rally from $60.20.


This information has been prepared by IG, a trading name of IG Markets 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.

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

Live prices on most popular markets

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

Prices above are subject to our website terms and agreements. All share prices are delayed by at least 20 minutes. Prices are indicative only.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.