Brent turns lower, as bearish picture comes back into play
Gold is rallying, with recent volatility continuing to play out. Meanwhile, Brent is turning lower as the wider bearish picture comes into play once again.
Gold volatile as consolidation phase continues
Gold has been very volatile of late, with the market swinging sharply higher today. The wider creation of lower highs points towards this recent rebound falling short at some point.
However, given the mid-sized retracement thus far, there is a good chance we could see the price rise through $1287 to bring about a deeper pullback into the $1290 region. Thus the outlook for the short term will be reliant upon whether $1287 is impacted or not. For the longer term, we would need to see a break through $1303 to point towards a bullish wider picture come into play. Until then, the sellers are expected to return before long.
Brent crude turning lower after recent gains
Brent is turning lower this week, following on from a rebound into the $69.33 level. Ultimately, with the price having dropped below the $68.72 support level, there is a good chance that this recent rebound is simply a precursor to further downside.
With the selling starting to gain traction once again, there is a chance we could see that wider bearish trend pick up again from here. However, given the relatively small retracement thus far, another leg higher is a distinct possibility. Watch for a break below $67.42 to provide greater confidence that the selling will continue.
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.
