Gold price still in uptrend while oil price looks to move higher
Gold’s surge has eased slightly but the uptrend is intact, while Brent crude is looking to continue Monday’s rally.
Gold edges back from peak
A modest pullback has materialised for gold, showing the wisdom of not chasing the price at these elevated levels.
A test of the 50-hour simple moving average (SMA) at $1922, or alternatively oversold readings for hourly stochastics, might provide the more interesting risk-reward outlook. This does not appear to be a moment for bearishness, since the overall uptrend in this time frame is still firmly intact.
Brent weakens after Monday’s rally
The Brent price cleared trendline resistance yesterday but has dropped back from $44.20, a level that has held back progress since Friday.
Sellers will need to push the price back below $43.00 to indicate that they have the upper hand, since declines over the past four sessions have been contained above this area.
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.
