Gold price and Brent crude price continue to trend higher
Gold and Brent continue to gain ground, with uptrends remaining in play until we see key support broken.
Gold continues its ascent after hitting decade high
Gold has been on a consistent surge throughout the past month, with the rise taking us through the $1800 barrier for the first time since 2011. This uptrend shows no signs of letting up just yet, with short-term charts likely to prove useful as we look for further gains.
Given the shallow pullback seen overnight, a break through the $1818 peak would provide another buy signal, with stops utilising the recent low of $1806. However, should we instead head lower rather than break that resistance level, we would essentially be looking at this current period of downside as a retracement of the rally from $1791. At which point, the $1797-$1801 Fibonacci retracement zone would look useful as a potential buying area. Only once we start to break through the likes of $1791 would we be looking at a potential wider period of downside to come into play.
Brent gradually on the rise, yet gains slow
Brent crude has continued its ascent, with the price on the rise since Tuesday’s low. However, we are yet to break through the $43.71 level to continue the uptrend, with the price finding difficulty at the $43.48 mark.
A rise through that level should kick-start the rally once more, with a subsequent move towards the $43.71 likely. However, to the downside a move back through the likes of $42.90, and $42.50 would bring about a more bearish outlook for the short term.
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