Gold price and Brent crude turn higher after recent declines
Gold and Brent crude turn higher, as risk sentiment takes a turn for the better.
Gold consolidates below Fibonacci resistance
Gold has managed to rebound back towards the 76.4% Fibonacci resistance level as stock markets take a more positive turn. Ultimately we need to see a break through the $1743-$1744 resistance zone to bring about a bullish breakout signal.
Until then, there is a chance we could roll over to continue the trend of the path of lower highs that has been in place throughout the past month. As such, the ability to reverse lower or break through this 76.4% Fibonacci level at $1734 will tell us a lot about where we go from here.
Brent crude turns higher to continue uptrend
Brent has been regaining ground after the drop into 61.8% Fibonacci support at $37.51. The subsequent rally has taken us through the notable $39.55 level, completing a double bottom formation and potential uptrend continuation.
A break through the $42.08 level would provide a more reliable bullish signal to end the trend of lower highs. As things stand, the potential for another turn lower remains a key concern until that level is overtaken.
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