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CFDs are complex instruments. 70% of retail client accounts lose money when trading CFDs, with this investment provider. You can lose your money rapidly due to leverage. Please ensure you understand how this product works and whether you can afford to take the high risk of losing money.

Brent crude oil price and gold price at risk of declines

Gold and Brent start to show signs of a potential bearish turn after recent gains.

Gold bars Source: Bloomberg

​Gold starts to fade after sharp rebound

Gold has seen a nice rebound following the intraday double bottom completed on Tuesday. The rebound in gold has taken us into the $1479 resistance level, with the price now moving lower.

A break through $1484 would be required to bring about a continuation of the bullish theme seen through the creation of higher highs and lows over the past month. However, with the price having respected the 76.4% Fibonacci retracement level, there is a good chance we will see further downside come into play over the short term.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

Brent rally brings potential shorting opportunity

Brent broke below the $63.28-$63.44 support zone yesterday, bringing about a bearish short-term outlook for this market. We have since seen a rebound overnight, yet that looks to provide us with a more advantageous shorting opportunity.

With that in mind, there is a good chance we will see this market turn lower soon, with a bearish outlook in play unless we see a rally up through $64.33 resistance. Such a decline would be expected to provide a retracement of the rally from $60.20.

Brent chart Source: ProRealTime
Brent chart Source: ProRealTime

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