Gold price and oil price continue to rally

A weaker dollar has helped to allow both gold and oil to move higher in early trading.

Gold shows no sign of slowing down

A pullback yesterday from Wednesday’s highs has resulted in yet another higher low, with the gold price rallying from the 200-hour simple moving average (SMA) at $1765.

A continuation of the uptrend seems likely, which would bring $1790 into view. Bears need to see a move back below $1760, and then below $1750, to suggest that a bigger move lower is in play.

Brent keeps moving higher

Brent crude's breakout at the beginning of the week continues, although in a fairly sedate fashion.

Further gains head towards $44.00, while the bearish view would need to see a drop below $41.00, followed up by a test of the $40.00 support.


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.