CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money. CFDs are complex instruments. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Brent crude price and gold price rise, yet crude is likely to fall back

Brent crude and gold turn higher, yet Brent looks likely to reverse downwards before long.

Gold turning higher once more after recent pullback

Gold has been consolidating after yesterday's retracement lower, with the price ultimately forming trendline support within the creation of higher lows.

That pattern is likely to continue pushing this market higher, with a rise through $1476 required to bring about a confirmation that we are set to see the next leg higher. To the downside, we need to see a break below $1466 to bring about a more bearish outlook once again.

Brent crude starts to weaken after retracement

Brent has posted a relatively deep retracement following a sharp breakdown earlier in the week. This looks to provide us with a good selling opportunity, with momentum starting to turn back towards the downside.

The prior trendline break and exit from an ascending channel formation paves the way for further downside. However, with the price having subsequently rebounded, we have now been provided a more advantageous price to looks for shorts. A bearish outlook thus remains in play unless the price rallies through the $63.15 resistance level.


This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material 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 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. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research 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.

Speculate on commodities

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.1

  • 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

  • Forex
  • Shares
  • Indices
liveprices.javascriptrequired
liveprices.javascriptrequired
liveprices.javascriptrequired

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.