Brent and gold turn lower after recent rebound
Gold breaks lower following a failed attempt at breaking through a key resistance level. Meanwhile, Brent looks set for another leg lower after a retracement into trendline and Fibonacci resistance.
Gold slumps as break below key support highlights bearish picture
Gold failed to break through the key $1287 level yesterday, with the precious metal instead turning lower to fall below the $1276 low. That break highlights that the bearish wider picture looks to be coming back into play for the shorter term.
Further downside is thus likely from here, with the $1270 level a crucial target for the bears. A break through the $1287 level would be required to negate the bearish trend currently in play over the short term.
Brent crude turning lower from Fibonacci resistance
Brent has rallied into a confluence of resistance, with the 61.8% Fibonacci level and descending trendline coming together to provide resistance in the wake of recent gains.
The wider Brent outlook is certainly bearish following the breakdown below $68.72 a week ago. Thus, further downside does look likely, with a rise above $69.35 required to negate the bearish outlook.
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