Gold price slides while Brent oil price strength unlikely to last
Gold drifts lower, while Brent gains ground, yet both moves seem short term and are likely to reverse.
Gold easing back once again as we await notable break
Gold has been easing back over the course of the week this far, with the price erasing the early-Monday gains.
The break through the $1424 swing high points towards this current decline being a retracement. However, should we see a break below $1382, further declines would look likely from there on in. To the upside, the bullish view gains traction with a rally through the $1407 swing high.
Brent crude rise unlikely to last
Brent crude has been on the rise over the past week, with the price having hit the 61.8% retracement level yesterday.
Ultimately the break below $64.01 points towards this current rise being a likely short-term retracement before the price turns lower once again. A break below the $62.84 swing low would bring that bearish picture back into play, and until that happens there is still a chance of another rebound for a rise into the 76.4% Fibonacci retracement ($65.60). However, such a rise would need to break through the $66.70 peak to negate the bearish outlook.
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.
Speculate on commodities
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
Live prices on most popular markets
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.