Gold price and Brent crude price expected to push upwards
Gold and Brent crude look set for further gains, as Brent seeks to reverse bearish trajectory.
Gold continuing its gradual ascent
Gold has been gaining ground over the past week, with shifts in favour for stocks failing to really make much of an impact on this market. With the price continuing to channel higher, we are now approaching the key $1590 resistance level.
A break through there would bring about the highest level since 2013. This looks likely given the ongoing anxiety over the coronavirus crisis in China. As such, further upside looks likely, although greater confidence comes with a break through $1590. A break below $1579 would be required to negate this bullish outlook.
Brent crude declines unlikely to last
Brent crude appears to have bottomed out after a huge decline, with the price having broken through the $56.61 resistance level to bring about a more bullish outlook.
We are seeing some downside this morning, yet this looks likely to be a short-term phenomenon. Further downside into the 61.8%-76.4% Fibonacci zone would bring us a better buying opportunity. In any case, a bullish outlook is in play here, with the wider bearish trend only coming back into play with a break below the $55.05 support 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
1In the case of all DFBs, there is a fixed expiry at some point in the future.
Live prices on most popular markets