Gold reversing higher amid recent decline, while Brent continues to drop
Gold and Brent crude declines come against wider outlook, with bullish trend likely to come back into play before long.
Gold rise moves it closer to key resistance
Gold has been regaining ground over the course of the week, with the price rising back towards the key $1563 level. Thus far we have seen a relatively shallow retracement, which highlights the potential for another leg lower.
However, should we break through that $1563 level, it would provide a bullish signal that points towards a return to the uptrend in play over recent months. With that in mind, while the bullish trend is expected to come back into play soon enough, we need to see a break through the prior swing high to signal the return of that bullish theme. Until then, another leg lower remains a distinct possibility for the short term.
Brent declines take it into key support zone
Brent crude has been on the slide over the course of the past week, taking the market into a one-month low yesterday.
However, the wider picture does point towards a potential resurgence before long, with a break below $60.20 required to negate that view. With Brent currently trading between the 61.8% and 76.4% Fibonacci levels, there is a chance we will see the bulls come back into play before long.
The information 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 Bank S.A. 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 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. See full non-independent research disclaimer.
React to volatility on commodity markets
Trade commodity futures, as well as 27 commodity markets with no fixed expiries.
- 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
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Forex
- Shares
- Indices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
