Gold price and Brent crude price expected to turn higher
Gold and Brent crude expected to reverse higher to build on recent short-term bullish breakouts.
Gold turning lower after bullish breakout
Gold has been on the slide in early hours today, with the price easing back after an important break above $1563.
Given that break, there is a good chance we are seeing a short-term retracement before we push higher once more. With that in mind, the price of gold is expected to turn higher once again, with a break below $1536 required to negate that view.
Brent crude easing back after bullish break
Brent has been weakening since the gap higher at the start of the week. There is certainly a strong chance that this pullback is a short-term move given the rise through $64.65 over the weekend.
With that in mind, it seems likely that we will see the price of Brent turn higher again rather than break below the $63.16 low. However, should we see that support level broken, it would bring about a more bearish outlook.
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