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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.

Gold price and Brent crude oil price expected to diverge

Gold and Brent crude look set to diverge as bullish signal in Brent is coupled with bearish gold expectations.

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​Gold rallies into resistance and starts to roll over

Gold managed to rally back into the Tuesday high of $1498 yesterday, coming off the back of a failed attempt to break into the $1474 low. That could point towards some form of weakness coming into play, yet there is also a good chance that this is simply a precursor to further downside.

With the price turning lower this morning, watch out for a break below $1483 to bring about a bearish confirmation signal. Until then, there is a chance that we could continue the bullish intraday pressure seen over the past few days. A break through $1503 would be required to bring about a more bullish outlook.

Gold price chart Source: ProRealTime
Gold price chart Source: ProRealTime

Brent showing tentative signs of impending upside

Brent crude managed to rise through the $59.51 resistance level yesterday, bringing about a bullish signal following a period of consolidation around the 61.8% Fibonacci retracement.

Therefore, the gradual uptrend seen throughout October looks likely to persist before long, with a strong chance we will see a rise back towards the $60.53 peak from last Friday. A break below $58.56 would negate this bullish short-term outlook. ​

Brent crude Source: ProRealTime
Brent crude Source: ProRealTime

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