Gold price and Brent crude oil price diverge amid US-China trade doubts

Gold and Brent diverge, as US-China doubts hurt the outlook for crude demand, while boosting havens such as gold.

Gold regaining ground amid indices sell-off

Gold’s role as a haven has seen its value rise amid a sell-off in global indices. That looks likely to persist, with the price rising back into the $1510 peak established yesterday.

Watch for a break through that level to signal possible short-term upside from here. However, we will ultimately need to see a break through the $1519 mark to start bringing a wider bullish picture into play. Until then, there is still a chance that the wider bearish trend in play since early-September could come back into prominence.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

Brent rebound proves fleeting

Brent crude has started to show a more bearish picture once again, following on from a decline below the $57.59 swing low.

That has brought about the intraday creation of lower highs and lower lows. A break through $58.76 would certainly bring a more bullish picture back into play, yet further short-term downside looks likely until we see this bearish signal negated.

Brent chart Source: ProRealTime

Brent chart Source: ProRealTime


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