Gold and Brent crude oil prices gain ground amid dollar weakness
Gold continues to gain ground, yet with the dollar weakening, we are finally seeing crude regain some ground.
Gold continues to surge higher as it heads towards resistance zone
Gold has continued its incredible run higher today, with the price recovering three months’ worth of losses in the space of a week.
This uptrend looks likely to continue, yet it is worthwhile noting the existence of resistance at $1347. Until that is reached, further upside looks likely from here. Only a break below $1320 would negate this current bullish outlook.
Brent crude stabilises after recent declines
Brent has finally started to stabilise following a period of steep declines for crude.
The four-hour chart highlights that we will need to see a break through the $62.73 level to bring about a more bullish outlook. Until then, there is still a good chance of further downside to conform with the recent downtrend.
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