Gold price and Brent crude price ease back within recent rally

Gold and Brent crude post short-term declines following on from a recent recovery phase.

Gold falls back after recent break higher

Gold declined sharply yesterday following on from a surge at the back end of last week.

The failure to break through $1519 meant we did not see the bullish breakout signal to complete the initial move higher. However, there is still a good chance that we will see another move higher to follow that move. A break below $1488 and trendline support would start building a more bearish picture. However, until that happens there is a good chance we will start to turn higher from here.

Brent crude rolls over after recent rally

Brent crude has been on the rise of late, with the price hitting an October high yesterday.

However, we are seeing signs of that short-term uptrend coming under pressure with the break into $60.72. A drop below that point would likely bring about a wider retracement of the rally from $58.00. As such, watch for whether we break $60.72 to give us a better idea of where we go on the short term.

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