Gold price and oil price both rise
Gold is rising for a second day, while oil is holding near its recent highs.
Gold gains for a second day
Gold has not managed two days above the 50-day simple moving average (SMA) at $1477 since late October. But the bounce may well have legs, since it has broken through $1485.
If it has formed a low around $1455 then a push to $1520 may develop, with the price carving out higher highs and higher lows. A move back below $1460 negates this bullish outlook.
Brent holds at recent highs
The Brent crude price continues in its uptrend, having rebounded yesterday. It has now cleared trendline resistance from the 2018 highs, and targets $66.86 and higher.
A steady series of higher lows and higher highs provides confidence that further dips could be buying opportunities.
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.