Brent crude oil price and gold price rally into key resistance
Gold and Brent regain ground, yet major resistance could point to an impending pullback.
Gold turning lower from trendline resistance
Gold's upside has been stifled after price ran into trendline resistance.
The wider bearish trend is likely to come into play again before long, although there is still a chance we will see another leg higher to rise into the descending trendline. For the short term, watch for whether we see a break below the $1471 low to signal a move lower for the day ahead.
Brent crude rallies into resistance after recent retracement
Brent weakness took the market back into trendline support this week, with a decline in US inventories helping drive the price higher since. This highlights a likely continuation of the uptrend seen since the beginning of October, with a break through $63.62 required to provide that trend.
As such, watch for another leg higher before long, although there is a chance that we will soon turn lower once more to retrace this rally. With the Organisation of the Petroleum Exporting Countries (OPEC) on the cusp of announcing their latest production decision, expect volatility as we move into the end of the week.
This information has been prepared by IG, a trading name of IG Australia Pty Ltd. 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
