Gold price and oil price both rise

Gold is rising for a second day, while oil is holding near its recent highs.

Gold gains for a second day

Gold has not managed two days above the 50-day simple moving average (SMA) at $1477 since late October. But the bounce may well have legs, since it has broken through $1485.

If it has formed a low around $1455 then a push to $1520 may develop, with the price carving out higher highs and higher lows. A move back below $1460 negates this bullish outlook.

Brent holds at recent highs

The Brent crude price continues in its uptrend, having rebounded yesterday. It has now cleared trendline resistance from the 2018 highs, and targets $66.86 and higher.

A steady series of higher lows and higher highs provides confidence that further dips could be buying opportunities.

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

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.