Gold price and Brent crude oil price break higher
Gold and Brent push higher, with recent surges pointing towards a strong possibility of further upside.
Gold builds on recent bullish reversal
Gold has managed to break through the $1466 intraday swing high this week, setting us on our way to a bullish phase. Coming off the back of a period of sharp declines in early November, there is a good chance that this rise is a retracement of the decline from $1516.
Thus, while this rally could be short term, there is plenty of room for further upside from here. As such, a bullish short-term picture is in play, with a break below $1460 required to bring about a more bearish outlook.
Brent rallies into key resistance zone
Brent has managed to break through trendline resistance, negating the symmetrical triangle formation that has been in play over the past week.
Interestingly, we have now seen the price respect the main breakout level beyond that trendline, with a rise through $62.42 required to confirm that bullish break. As such, watch how we respond to this resistance level as a gauge of where we go from here. That being said, if we do pullback from here, there is a good chance it will be a short-term retracement and provide us with a buying opportunity down the line.
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