Gold price hits six-year high as oil price falls back
Gold continues to climb, as it pushes to a six-year high, while oil is edging back from the recent highs thanks to waning US-Iran tensions.
Gold climbing at rapid rate
The parabolic move goes on for gold, with short-term dips proving to be buying opportunities.
A possible bearish wedge has formed, with a break below $1420 likely to see a significant retracement. $1412 and $1384 are possible areas of support in the short term.
Brent edges lower
The Brent price has edged back from last week’s high but has found support around $63.40.
A further recovery targets $65.00, and then on to $66.80. Below $63.00 the price will head towards $61.00 and then $59.20.
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