Gold price and Brent crude oil price consolidate as we await next big move
Gold and Brent crude are failing to find traction despite wider bullish signals.
Gold continues to consolidate after decline into support
Gold declined into $1484 support on Wednesday, after a somewhat underwhelming Federal Reserve (Fed) meeting.
We have been gaining ground since that support level held up, with the price rising back into $1512 resistance. We need to see a break through either $1512 or $1484 to take us out of this recent consolidation phase. Thus, watch for the response to this level as a guide of where we go from here.
Brent crude fails to find traction after hitting Fibonacci support
Brent has been gaining ground since hitting the 61.8% Fibonacci support level on Wednesday.
The respect of that level, coupled with the rise through the $64.37 swing high, points towards the high likelihood of gains from here. However, with momentum likely to shift downwards, the key will be whether any short-term gains break through $62.50 support or not.
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