Gold price and Brent crude price diverge into key resistance and support
Sharp moves for the dollar see gold spike higher, while Brent crude declines back into trendline support.
Gold spikes back into prior high
Gold failed to build on the losses seen in the early part of yesterday, with the price spiking back towards the $1474 resistance level instead.
That move points towards a deeper upside retracement playing out, with further gains now looking likely. As such, while we could see the price drift lower over the short term, another leg higher now looks likely unless we see a break below the $1456 swing low.
Brent crude drops into key trendline support
Brent crude fell sharply yesterday, with the price falling back into ascending trendline support once more.
With that drop also seeing the price fall back towards the $61.26 swing low, we are at an important crossroads for this market. Either we see Brent turn higher from here, or else we see a break below that confluence of horizontal and trendline support to bring about a potential bearish reversal signal.
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
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.