Brent crude oil price and gold price rally into key resistance

Gold and Brent regain ground, yet major resistance could point to an impending pullback.

Gold turning lower from trendline resistance

Gold's upside has been stifled after price ran into trendline resistance.

The wider bearish trend is likely to come into play again before long, although there is still a chance we will see another leg higher to rise into the descending trendline. For the short term, watch for whether we see a break below the $1471 low to signal a move lower for the day ahead.

Brent crude rallies into resistance after recent retracement

Brent weakness took the market back into trendline support this week, with a decline in US inventories helping drive the price higher since. This highlights a likely continuation of the uptrend seen since the beginning of October, with a break through $63.62 required to provide that trend.

As such, watch for another leg higher before long, although there is a chance that we will soon turn lower once more to retrace this rally. With the Organisation of the Petroleum Exporting Countries (OPEC) on the cusp of announcing their latest production decision, expect volatility as we move into the end of the week.

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