Brent crude and gold surge after US airstrikes
Gold and brent both gain ground as the Iranians promise revenge in response to a US attack in Iraq. With uptrends already in place, further gains look likely.
Gold surges after US attack in Iraq
Gold has continued its recent surge, with the US attack in Iraq sparking a sharp rise for both gold and crude. That spike in gold provides more of the same, with the recent rally taking us into the highest level for almost four months.
With that in mind, it makes sense to watch out for further upside as we continue this uptrend. The $1516 swing low is going to be key in that trend, with a bullish outlook remaining in play unless that level is broken.
Brent crude hit key resistance
Brent crude has also seen a sharp rise after Iranian threats of retaliation against the US. The surge seen overnight took the price of Brent crude into the crucial $68.89 resistance level, which represents the high seen in the immediate aftermath of the September attacks on Saudi production facilities.
That level will represent a major hurdle to overcome today, with a short-term pullback a distinct possibility. However, with this market having rebounded from the 76.4% Fibonacci level at $65.60, we would need to see a break below that level to negate the current bullish outlook.
This information has been prepared by IG, a trading name of IG Markets Ltd and IG Markets South Africa 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.
Speculate 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
Prices above are subject to our website terms and agreements. Prices are indicative only
