Brent crude and gold continue to gain ground after US attack

Gold and Brent continue to gain ground as the US-Iran rhetoric continues to ramp up.

Gold continues to regain ground amid Iran-US worries

Gold has continued to regain ground, following on from where we left off on Friday.

Fears of a potential conflict between the US and Iran is driving upside for havens such as gold and the yen. Given the gap higher over the weekend, we have a potential area of support already defined around $1553. Therefore, further upside looks likely from here, yet the longevity of this rally could be determined by the continued intensification of this combative tone from both sides.

Brent hits seven-month high

Brent crude has rather predictably been gaining a significant amount of ground given the instability seen in the Middle East after the US assassination of military generals from both Iran and Iraq.

We are seeing a pullback coming into play this morning, yet it looks more like a short-term retracement rather than a complete reversal. A decline below $65.60 would negate this uptrend, yet further gains look likely unless that break occurs.

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