Gold price eases off while oil price drops below support
Gold has suffered its first serious reverse in weeks, but there seems no sign of a rebound for Brent crude.
Gold’s rally begins to wane
The gold price reversed yesterday, and has continued to drop, falling below the 200-hour simple moving average (SMA) for the first time in two weeks.
Further declines below a possible $1565 support target $1557. A lower high from here would be a bearish development and suggest that the January rally has finally run its course.
Brent falls below key support
The Brent price fell below $56.00 support yesterday, with only a slight rebound to provide some hope for bulls this morning.
The relentless downward move seems set to continue, given that the price has been unable to establish a higher high over the past month. This would require a move above $56.50 at least. Further declines still target the December 2018 low at $50.25.
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