Gold price bounces while oil price surges off the lows

Gold has rallied but is currently stuck in a descending channel, while Brent crude has rebounded and may finally have found a low.

Gold stuck in descending channel

The gold price has continued its rebound, but remains within a descending channel for now.

Further gains head towards the top end of the channel at $1520, with a breakout above here targeting $1535 and $1550. A turn lower targets the bottom end of the channel at $1460.

Brent stages a comeback

Brent crude prices rebounded along with equities, as the price defended the $56.80 level.

Further gains would be likely with a move above $58.50. If a low is in place then bullish momentum may continue to develop. The more bullish view remains in place unless and until the price drops below $56.80 and then $56.00.

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.