Gold and Brent crude oil prices both retreat from recent high
Gold is under pressure for a second day, while oil prices have reversed and may be poised to move lower.
Gold price still under pressure
A reversal continues here, as the price of gold heads lower for a second day. Below $1320 the outlook becomes more bearish, targeting $1308 and $1302.
Overnight gains faltered at $1330, so a recovery above here is the first step needed to suggest that the price is moving back into a bullish phase.
Brent price sees swift reversal
Yesterday’s reversal must be closely watched to see if the price of Brent continues to move lower.
The inability to hold on to gains is a negative sign, and may suggest that further declines are likely, targeting $60. A move back above $64 would help to indicate that a rally is back in place.
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