CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved. CFDs are leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your deposits, so please consider our Risk Disclosure Notice and ensure that you fully understand the risks involved.

Gold price and Brent crude oil price expected to turn lower before long

Gold at risk of a bearish turn, while Brent gains ground in what looks like a precursor to further downside.

Gold turning lower from Fibonacci resistance

Gold has been showing tentative signs of weakness of late, with the break below $1488 on Tuesday potentially paving the way for further downside.

Given the recent gains, this is obviously a risky play. However, with the price finding it difficult to break through the 76.4% Fibonacci retracement ($1522), there is a good chance we will turn lower from here. A break through the $1508 would provide a bearish confirmation signal for that view. Otherwise, a break through the $1535 level would point towards another leg higher for this precious metal.

Brent crude on the rise after recent breakdown

Brent is regaining ground this morning, following on from a sharp decline since Tuesday’s peak of $61.35. The break below $57.73 yesterday points towards a high likeliness of further downside, yet it seems we are destined to see an upward retracement for the time being.

A break through the $59.21 mark would point towards a retracement of the wider decline from $61.32. Given the fact we have seen a break through the 76.4% retracement level of $58.80, such an upward move does seem likely for the near term. However, until that wider $61.32 level is broken, such short-term upside simply looks like a retracement before we turn lower once again.


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