Gold price gains as Brent crude price hits trendline support
The price of gold is on the rise as mark sentiment sours, while Brent declines into trendline support.
Gold continues its rebound as stocks turn lower
Gold is looking to extend its rebound as the stock market turns lower in early trade.
Last week's break below the $1689 support level points towards the possibility of us currently trading within a retracement phase. However, with market risk appetite waning, we could see further upside as we move towards the 76.4% resistance level. The reaction to that level will be key, with a rise through $1709 raising the possibility of a rally into the key $1721 resistance level. Ultimately we would need to see that level overcome to bring about a wider bullish trend once more.
Brent crude drops from one trendline to another
Brent has managed to turn lower from trendline resistance following yesterday’s gap higher.
The subsequent pullback has brought about a move into another ascending trendline, with a break below this point signalling a possible continuation of the decline. However, we will ultimately require a drop below $38.79 to signal the beginning of a more bearish or neutral phase for Brent.
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