​Gold price and Brent crude price declines could be limited​

Gold and Brent crude move lower, although wider uptrend points towards potential bullish move coming back into play.

​Gold declines into Fibonacci support

Gold has been on the back foot this morning, with weakness in the equity space resulting in downside for precious metals.

With the 76.4% Fibonacci support level coming into play here, there is a chance we could see a potential move higher to continue the wider bullish trend. As such, the bullish trend remains unless we see a break back below the recent low of $1941.

Brent fails to take advantage of US inventories drawdown

A sharp decline in US inventories has done little to boost Brent, with the $44.27 resistance level coming into play once again here. The uptrend remains intact nonetheless, with a decline through the $42.87 low required to bring about a more reliable bearish picture.

Until then, there is a good chance we could see the price turn higher once again as we attempt to regain ground and continue the wider uptrend.


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