Brent crude price and gold price ease back after overnight gains

Gold and Brent crude prices slip back after sharp gains seen in response to the Iranian attack on US locations in Iraq.

​Gold pulling back after overnight surge

Gold saw another surge overnight following a decline into $1553, closing the weekend gap in the process.

We are now seeing the price of gold turn lower, with the market posting another retracement. This is perceived to be a retracement unless we see a break below the $1554 support level. There is certainly a risk that this upside is only sustainable with continued military action or combative rhetoric. However, unless we break $1554, the short-term uptrend remains intact.

Brent slides back into key support after overnight spike

Brent crude has seen a massive ramp-up in volatility over the past week, yet that move has certainly not been in one direction.

Despite the attack overnight, we have seen the price pull back sharply towards the $67.56 support level which has been respected twice over the past week. With that in mind, watch out for whether we see this level broken to bring about a more bearish picture. Until that happens, there is a chance we will start to turn higher from this support level.

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