Brent crude and gold surge after US airstrikes
Gold and brent both gain ground as the Iranians promise revenge in response to a US attack in Iraq. With uptrends already in place, further gains look likely.
Gold surges after US attack in Iraq
Gold has continued its recent surge, with the US attack in Iraq sparking a sharp rise for both gold and crude. That spike in gold provides more of the same, with the recent rally taking us into the highest level for almost four months.
With that in mind, it makes sense to watch out for further upside as we continue this uptrend. The $1516 swing low is going to be key in that trend, with a bullish outlook remaining in play unless that level is broken.
Brent crude hit key resistance
Brent crude has also seen a sharp rise after Iranian threats of retaliation against the US. The surge seen overnight took the price of Brent crude into the crucial $68.89 resistance level, which represents the high seen in the immediate aftermath of the September attacks on Saudi production facilities.
That level will represent a major hurdle to overcome today, with a short-term pullback a distinct possibility. However, with this market having rebounded from the 76.4% Fibonacci level at $65.60, we would need to see a break below that level to negate the current bullish outlook.
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