Gold price and Brent crude oil price take a breather from recent trends
Gold is taking a breather following recent gains, while Brent losses also ease with a rebound from Fibonacci support.
Gold takes a breather after recent gains
Gold is consolidating this morning, following on from a period of sharp gains amid a flight to safety.
That uptrend is likely to come back into play soon enough, yet we could see gold drift lower a little more for the time being. Watch for a break through the $1510 peak as a bullish signal to continue those gains. Otherwise it is a case of buying on a deeper retracement. Either way, a bullish outlook remains in play unless we see a break below $1453.
Brent crude expected to turn lower after overnight gains
Brent has managed to regain ground overnight, following a bout of losses throughout the beginning of August. However, that bearish picture remains relevant, with the wider decline below $59.23 pointing towards impending losses.
The one caveat to that bearish picture is the recent respect of 76.4% Fibonacci support at $56.06. However, for the short term, we have rallied back towards trendline resistance, and with the downtrend still in play it makes sense to look out for further downside. Thus, a bearish outlook is in play here, with a break through the $59.11 swing high needed to bring a more bullish picture.
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.
- 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