Brent crude oil price and gold price continue to grind higher

Gold and Brent crude continue to grind higher, yet will the wider bearish trend soon come back into play?

Gold rises into key resistance zone

Gold has been on the rise, with the price grinding higher despite indices gains elsewhere.

That rise is taking us back into the 76.4% Fibonacci retracement, with trendline resistance above that. Given the wider bearish trend over recent months, there is a good chance that we will see another turn lower before long. A break through $1487 would be required to continue this uptrend seen throughout the past month.

Brent crude continues to grind higher

Brent crude has been on the rise over the course of December, with the lack of any major pullback highlighting the relative consistency of this move.

That rally has slowed somewhat overnight, but we are yet to see another pullback signal come into play. A break below $64.05 would signal a potential wider retracement of the rally from $62.67 coming into play. Until that happens, further upside seems likely.

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