Gold price consolidates, as Brent crude price slides towards key support

Gold is on the rise, yet trendline resistance could keep this haven in consolidation mode. Meanwhile, Brent crude is heading lower, with key support at risk of being broken.

​Gold rises into triangle resistance

Gold has been in consolidation mode over recent days, with the price trading within a symmetrical triangle pattern. The formation of lower highs looks to come into play once again, with this current rally taking us towards trendline resistance.

A break of trendline and $1531 resistance would bring a more bullish short-term picture, yet a bearish turn looks likely until such an upside break happens. Of course, despite the potential for a short-term move lower, we remain within consolidation mode until a break occurs in either direction.

Brent breaking towards key support

Brent is selling off this morning, with the price heading towards a critical support level. The wider creation of higher lows would be negated with a break below $57.90.

Thus, while we do look likely to see further downside for now, it makes sense to await such a break to bring about a bearish picture on the longer time frames. To the upside, we would need to start seeing swing highs broken to bring about a new bullish short-term picture. Thus, watch for a rise through $58.76 for such a move to come into play. ​

IGA, may distribute information/research produced by its respective foreign affiliates within the IG Group of companies pursuant to an arrangement under Regulation 32C of the Financial Advisers Regulations. Where the research is distributed in Singapore to a person who is not an Accredited Investor, Expert Investor or an Institutional Investor, IGA accepts legal responsibility for the contents of the report to such persons only to the extent required by law. Singapore recipients should contact IGA at 6390 5118 for matters arising from, or in connection with the information distributed.

The information/research herein is prepared by IG Asia Pte Ltd (IGA) and its foreign affiliated companies (collectively known as the IG Group) and is intended for general circulation only. It does not take into account the specific investment objectives, financial situation, or particular needs of any particular person. You should take into account your specific investment objectives, financial situation, and particular needs before making a commitment to trade, including seeking advice from an independent financial adviser regarding the suitability of the investment, under a separate engagement, as you deem fit.

Please see important Research Disclaimer.

Trade 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

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.


Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.

The Momentum Report

Get the week’s momentum report sent directly to your inbox every Monday for FREE. The Week Ahead gives you a full calendar of upcoming key events to monitor in the coming week, as well as commentary and insight from our expert analysts on the major indices to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

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.