CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Gold and Brent crude prices diverge as gold heads towards record highs

Gold and Brent crude diverge, yet crude declines look likely to be short-lived as the uptrend kicks back into play.

Gold drives upwards yet again after overnight consolidation

Gold is heading higher once again this morning, with a deep retracement overnight ultimately resolving another leg higher.

As we push onwards, a rise through the previous peak of $1898 is expected as we push towards the record high of $1921. With that in mind, the uptrend remains intact, with further upside looking likely unless we see a break below the previous low of $1870.

Brent declines could bring buying opportunity

Brent crude has slumped into a deep retracement over the latter part of the week, bringing the price back below the 61.8% Fibonacci level.

This is likely to bring another leg higher given the wider bullish trend, with another turn higher expected before long. As such, a bullish outlook is in place unless we see the price break below the $42.50 low from Monday.

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.