Gold price and Brent crude oil price consolidate as we await next big move

Gold and Brent crude are failing to find traction despite wider bullish signals.

Oil rig Source: Bloomberg

Gold continues to consolidate after decline into support

Gold declined into $1484 support on Wednesday, after a somewhat underwhelming Federal Reserve (Fed) meeting.

We have been gaining ground since that support level held up, with the price rising back into $1512 resistance. We need to see a break through either $1512 or $1484 to take us out of this recent consolidation phase. Thus, watch for the response to this level as a guide of where we go from here.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

Brent crude fails to find traction after hitting Fibonacci support

Brent has been gaining ground since hitting the 61.8% Fibonacci support level on Wednesday.

The respect of that level, coupled with the rise through the $64.37 swing high, points towards the high likelihood of gains from here. However, with momentum likely to shift downwards, the key will be whether any short-term gains break through $62.50 support or not.

Brent chart Source: ProRealTime

Brent chart Source: ProRealTime


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