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Gold price and Brent crude price look set for further upside

Gold and Brent crude both look set for further upside, with key resistance levels broken.

Gold breaks resistance to bring likely resurgence

Gold is weakening in the wake of a failed attempt to break through the $1745 resistance level. Given the previous rise through $1740 resistance, this looks to be the beginning of a resurgence for the precious metal.

However, the fall back into $1727 support points towards the possibility of a short-term pullback. Should that occur, there is a chance we could see the price of gold fall back in the short term. Whether we see that retracement of the $1694-$1745 rally will depend on whether we break below $1727 ­or not. Either way, this current weakness is likely to be a short-term phenomenon and precursor to further upside. As such, a bullish outlook is in play, with a rise back into the $1765 peak likely before long.

Brent looks set for further upside after recent breakout

Brent crude is currently trading at the highest level since 11 March, with the recent rise through $38.23 providing us with another period of consolidation overnight.

This is a likely precursor to further upside, with the short-term uptrend likely to continue until we see the price break below the previous swing low. As things stand, a break below $37.19 would be required to negate this bullish trend. Until then, further upside seems likely for Brent.

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