Gold price stalls as oil price pushes higher
Gold prices have struggled to push higher but the oil price seems to be moving higher from its consolidation pattern.
Gold price struggles to push higher
The gold price remains stalled below $1730, with little sign yet of a break higher. But trendline support from the early-June low supported the price yesterday during the drop to $1715.
But if the price is unable to push on through $1730 then the potential for a bigger move lower grows. Alternatively, a move above $1730 heads towards $1745, key resistance since the end of May.
Brent price moves higher from consolidation pattern
The rally for Brent from Monday’s lows, which cleared trendline resistance on Tuesday, has entered a consolidation period, with dips towards $40.00 finding support.
A break higher needs to clear $41.50, and would then target $42.10 and $43.40. A more bearish view requires the price to break below $40 and then back below trendline resistance from last week’s highs.
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.