Gold price and Brent crude oil price expected to turn lower before long
Gold at risk of a bearish turn, while Brent gains ground in what looks like a precursor to further downside.
Gold turning lower from Fibonacci resistance
Gold has been showing tentative signs of weakness of late, with the break below $1488 on Tuesday potentially paving the way for further downside.
Given the recent gains, this is obviously a risky play. However, with the price finding it difficult to break through the 76.4% Fibonacci retracement ($1522), there is a good chance we will turn lower from here. A break through the $1508 would provide a bearish confirmation signal for that view. Otherwise, a break through the $1535 level would point towards another leg higher for this precious metal.

Brent crude on the rise after recent breakdown
Brent is regaining ground this morning, following on from a sharp decline since Tuesday’s peak of $61.35. The break below $57.73 yesterday points towards a high likeliness of further downside, yet it seems we are destined to see an upward retracement for the time being.
A break through the $59.21 mark would point towards a retracement of the wider decline from $61.32. Given the fact we have seen a break through the 76.4% retracement level of $58.80, such an upward move does seem likely for the near term. However, until that wider $61.32 level is broken, such short-term upside simply looks like a retracement before we turn lower once again.

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.
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. Please see important Research Disclaimer.
Please also note that the information does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. Any views and opinions expressed may be changed without an update.

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
See more forex live prices
See more shares live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
See more indices live prices
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 20 mins.