Brent crude price and gold price rise, yet crude is likely to fall back
Brent crude and gold turn higher, yet Brent looks likely to reverse downwards before long.
Gold turning higher once more after recent pullback
Gold has been consolidating after yesterday's retracement lower, with the price ultimately forming trendline support within the creation of higher lows.
That pattern is likely to continue pushing this market higher, with a rise through $1476 required to bring about a confirmation that we are set to see the next leg higher. To the downside, we need to see a break below $1466 to bring about a more bearish outlook once again.
Brent crude starts to weaken after retracement
Brent has posted a relatively deep retracement following a sharp breakdown earlier in the week. This looks to provide us with a good selling opportunity, with momentum starting to turn back towards the downside.
The prior trendline break and exit from an ascending channel formation paves the way for further downside. However, with the price having subsequently rebounded, we have now been provided a more advantageous price to looks for shorts. A bearish outlook thus remains in play unless the price rallies through the $63.15 resistance level.
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