Brent crude oil and gold prices gain ground, while bearish crude trend remains
Gold and brent turn higher, yet those gains look temporary for oil given the recent downtrend.
Gold turns higher again after brief breather
Gold provided a rare pullback yesterday, as the recent uptrend took a breather.
The uptrend remains intact unless we see a break back below the $1320 support level. Until then, there is a good chance we will see further upside to come. The one caveat is that we have a host of historical resistance levels up ahead, starting with $1346 and ending at $1375. As such, should we see further upside, watch out for how the market responds to that region of resistance.
Brent crude regaining ground after shock inventories build
Brent lost further ground yesterday, after a big inventory build from the US drove fears over a sharp rise in production.
We are seeing the price regain ground here, yet the downtrend remains intact. There is a good chance that we will see the sellers return before long. As such, a bearish picture remains in play unless we see a rise through $62.07.
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