Gold and Brent Crude Oil Trading Update

Calendar March 31, 2009 | Posted by Robert

Gold has been holding up rather well considering the move higher by the dollar and also when the trend line low seems to have been breached opening the way for a test of support at $900 again. But for now the bulls are propping the precious metal up and this morning we’re at $919.

Brent crude dipped below $50 a barrel for the first time in over a week as the general mood swung in the favour of bears following comments from the Qatari oil minister who said that oil was unlikely to hit $60 a barrel in 2009, due to the state of the global economy. It is still strange to see how closely correlated to equity movements the price of oil is right now when eighteen months ago an drop in oil would have sent equities higher and vice versa.

Also see Crude Oil Spread Bet.

“Gold and Brent Crude Oil Trading Update” by Angus Campbell of Capital Spreads.

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