Gold price gains overshadowed by Brent crude downside
Gold regains ground as risk-off sentiment starts to push buyers into havens once again. Meanwhile, Brent crude heads lower as demand concerns continue to drive prices lower.
Gold rebounds, yet resistance remains
Gold has struggled to regain ground despite huge losses in global stock markets, with the rally still well short of the $1659 resistance level.
A break through that point would bring about a renewed bullish signal, highlighting the likely end of this recent pullback. As such, while a bullish outlook remains in play given the wider long-term uptrend, it makes sense to await a bullish signal, such as a break through $1659, to raise expectations of another push higher.
Brent crude declines continue amid demand fears
Brent crude is on the slide, as coronavirus cases pop up throughout the western world. This could have huge implications for crude demand, in a year that was already expecting to see a glut.
As such, the continued spread of this virus is likely to come at the expense of crude prices. With that in mind, further downside looks likely, with a break through the $54.83 level required to negate this bearish outlook.
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