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CFDs are complex instruments. 72% 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 and Brent crude prices diverge as gold heads towards record highs

Gold and Brent crude diverge, yet crude declines look likely to be short-lived as the uptrend kicks back into play.

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Gold drives upwards yet again after overnight consolidation

Gold is heading higher once again this morning, with a deep retracement overnight ultimately resolving another leg higher.

As we push onwards, a rise through the previous peak of $1898 is expected as we push towards the record high of $1921. With that in mind, the uptrend remains intact, with further upside looking likely unless we see a break below the previous low of $1870.

Gold chart Source: ProRealTime
Gold chart Source: ProRealTime

Brent declines could bring buying opportunity

Brent crude has slumped into a deep retracement over the latter part of the week, bringing the price back below the 61.8% Fibonacci level.

This is likely to bring another leg higher given the wider bullish trend, with another turn higher expected before long. As such, a bullish outlook is in place unless we see the price break below the $42.50 low from Monday.

Brent crude chart Source: ProRealTime
Brent crude chart Source: ProRealTime

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