Gold and Brent crude decline, yet gains around the corner
Gold and Brent start to decline, yet bullish trend point to swift resurgence.
Gold continues to move lower, giving up recent gains
Gold saw huge gains over the course of June this far, yet we are closing out the month in somewhat less bullish fashion.
The declines seen since Tuesday's peak look to have brought about a lower high and the weakness seen this morning is looking like providing another leg lower. While this period of downside looks like a short-term retracement phase, an hourly close below $1402 would likely bring about further losses for gold. However, a rise through $1415 would negate the notion of a short-term move lower, bringing about a more immediate bullish outlook.
Brent continues to gain ground after double bottom
Brent crude has been on the rise this week, with yesterday’s sharp decline in US inventories providing a three-week high for the market.
While we are seeing the bears start to gain prominence this morning, the declines we are seeing look like a temporary affair, with a drop below $63.54 required to negate the bullish trend that has been in play over the past week.
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