Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 69% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Gold and Brent crude prices turn lower as orange juice turns upwards once again

Gold and Brent crude at risk of bearish continuations, while orange juice prices turn upwards once again after Hurricane Ian.

Gold Source: Bloomberg

Gold struggles to rise up through key $1677 resistance level

Gold's attempt at regaining lost ground yesterday appears to be falling somewhat flat, with price struggling to break through the key $1677 resistance level. The level represents the previous lows respected over the course of 2021 and 2022 until recently.

With price having rallied back up into the descending trendline, there is a good chance we see another leg lower for this market. However, traders should keep a close eye out for this recent consolidation just below resistance, with a rise through $1677 providing a signal of impending short-term upside.

To the downside, a break back below the $1661 level would bring about a fresh sell signal, with gold then able to build on the bearish trend that has been playing out over the course of the year thus far.

Gold chart Source: ProRealTime

Brent crude continues to roll over after OPEC lift

Brent crude has been on the back foot over the course of this week, with price reversing lower in the wake of an upside pop last week.

That rally came after OPEC decided to reduce output by two million barrels per day, driving upside as the supply-demand dynamic shifts. Nonetheless, with the recessionary clouds continuing to build, we are seeing crude head lower once again.

A rise up through the wider swing-high of $103.45 would bring about a greater confidence that we will see prices reach uncomfortably lofty levels once again. Until then, the declines we are seeing look likely to bring further downside.

The decline out of overbought territory on the stochastic provides us with a secondary bearish signal that similarly points towards potential downside here.

Brent chart Source: ProRealTime

Orange juice heads into 5-year high after Hurricane Ian

Orange juice prices have been pushing higher once again this week, with price starting to turn up towards levels not seen since the end of 2016.

Recent weather conditions in Florida have been tough, with an already small crop exacerbated by Hurricane Ian which is expected to further damage the supply of orange juice.

The chart highlights an ongoing uptrend which has dominated over the course of the year, with a break back below the $163.45 level required to bring about a more bearish outlook.

Until then, there is a good chance we see price push upwards from here to build on the ongoing uptrend.

Orange juice chart Source: ProRealTime

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
Find out more

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

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Monday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

You might be interested in…

<h3>How much does trading cost?</h3>
<h3>Find out about IG</h3>
<h3>Plan your trading</h3>

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.