Gold and Brent crude prices start to reverse higher
Gold and Brent crude start to rise, with recent declines at risk of reversing into a more bullish trend.
Gold starts to regain ground after recent pullback
Gold is breaking higher this morning, with the price rising through the $1596 resistance level after a period of consolidation yesterday. With stocks looking like they could be on the turn, a break through this area of resistance could bring gold back into play.
There is still the $1601 level to content with, with a break above that level adding greater credence to the notion that we are seeing a push back into a bullish trend once again. Conversely, a break back below the overnight low of $1582 would negate this current bullish move.
Brent rallies into key swing high
Brent has managed to break through trendline resistance this morning, with the price subsequently hitting the crucial $27.96 swing high. A break through that level would negate the recent downtrend and point towards a more bullish view coming into play.
As things stand, the 200-hour simple moving average (SMA) and $27.96 swing high are holding up, with the price starting to ease back. Thus, the forthcoming price action will be determined by whether we can break above this level or not. Given the wider downtrend that has been playing out, it is likely that we post some form of downside move, even if it is just a retracement.
This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. 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. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.
React to volatility on commodity markets
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.
See opportunity on a commodity?
Try a risk-free trade in your demo account, and see whether you’re onto something.
- Log in to your demo
- Try a risk-free trade
- See whether your hunch pays off
See opportunity on a commodity?
Don’t miss your chance. Upgrade to a live account to take advantage.
- Analyse and deal seamlessly on fast, intuitive charts
- Get spreads from just 0.3 points on Spot Gold
- See and react to breaking news in-platform
See opportunity on a commodity?
Don’t miss your chance. Log in to take your position.
Live prices on most popular markets
- Equities
- Indices
- Forex
- Commodities
Prices above are subject to our website terms and agreements. Prices are indicative only. All share prices are delayed by at least 15 minutes.
Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.
