Brent crude oil price and gold price likely to rise despite recent pullback

Gold and Brent ease back after recent gains, yet will it simply be a short-term reprieve?

Gold closes gap, as risk-off sentiment eases

Gold has been easing back after the gap higher at the start of the week, with the price having closed into that $1553 level overnight.

The question now is whether we find support on that level to push higher. Watch for a break through the $1580 level to confirm the continuation of this uptrend. Conversely, should we see a break below that $1553 level, we would be looking at a heightened chance of a pullback.

Brent pullback brings potential buying opportunity

Brent crude has pulled back into $67.56 support, with the price now starting to move higher.

The uptrend seen throughout the past three months remains intact, with a break below $65.63 required to negate this bullish outlook. Until that happens, it looks likely we will see another move higher for Brent.

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

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.