Gold price and Brent crude oil price break higher

Gold and Brent push higher, with recent surges pointing towards a strong possibility of further upside.

Gold builds on recent bullish reversal

Gold has managed to break through the $1466 intraday swing high this week, setting us on our way to a bullish phase. Coming off the back of a period of sharp declines in early November, there is a good chance that this rise is a retracement of the decline from $1516.

Thus, while this rally could be short term, there is plenty of room for further upside from here. As such, a bullish short-term picture is in play, with a break below $1460 required to bring about a more bearish outlook.

Brent rallies into key resistance zone

Brent has managed to break through trendline resistance, negating the symmetrical triangle formation that has been in play over the past week.

Interestingly, we have now seen the price respect the main breakout level beyond that trendline, with a rise through $62.42 required to confirm that bullish break. As such, watch how we respond to this resistance level as a gauge of where we go from here. That being said, if we do pullback from here, there is a good chance it will be a short-term retracement and provide us with a buying opportunity down the line.


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.