Gold price and Brent crude price continue to gain ground
Gold and Brent crude continue to move higher, with record highs for gold coming on a near daily basis.
Gold breakout brings fresh highs
Gold has continued its uptrend, with the break through $1984 signalling an end to the recent ascending triangle formation. With that in mind, we are looking for further upside to come as the bullish trend continues to play out.
We could see another consolidation or retracement phase come into play before long. However, whether that happens or not, a bullish outlook remains in play unless we see a break below the $1960 swing low.
Brent surges back towards key resistance level
Brent crude has been on the rise over the past week, with the price heading back towards the key $45.00 handle. With the price having broken below the $42.50 level last week, there was a risk that this recent rally was a retracement before price turned lower once more.
However, with the price failing to break out from this recent intraday trend of higher lows, price is now looking to negate that bearish possibility with a break through $45.00. As such, watch out for how price reacts to that key resistance level, as we look for a bullish continuation signal if that level breaks.
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