Brent crude oil price and gold price likely to rise despite recent pullback

Gold and Brent ease back after recent gains, yet will it simply be a short-term reprieve?

Gold closes gap, as risk-off sentiment eases

Gold has been easing back after the gap higher at the start of the week, with the price having closed into that $1553 level overnight.

The question now is whether we find support on that level to push higher. Watch for a break through the $1580 level to confirm the continuation of this uptrend. Conversely, should we see a break below that $1553 level, we would be looking at a heightened chance of a pullback.

Brent pullback brings potential buying opportunity

Brent crude has pulled back into $67.56 support, with the price now starting to move higher.

The uptrend seen throughout the past three months remains intact, with a break below $65.63 required to negate this bullish outlook. Until that happens, it looks likely we will see another move higher for Brent.


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