Gold and Brent crude rise ahead of OPEC+ meeting
Gold looks set for another leg higher after a bullish break today. Meanwhile, the Brent crude directional bias remains uncertain as we await the outcome of today’s OPEC+ meeting.
Gold pushes through resistance to spark likely next leg higher
Gold appears to have broken from the recent period of consolidation, with the price surging through the $1657 resistance level.
That points towards a continuation of the wider bullish trend, where $1673 provides the next point of resistance in view. Given the previous lack of knowledge over exactly how this recent period of consolidation was going to last, this breakout is good news, pointing towards further upside from here. A break below $1643 negates this bullish short-term outlook.
Brent crude trading back at range resistance pre-OPEC
Brent Crude has managed to surge back into the $34.52 resistance level following a sharp reversal from the $32.34 lows.
Those two levels have capped price action throughout the week, as Brent consolidates ahead of today's OPEC+ meeting. Fireworks are expected, so volatility is the name of the game for energy markets today. With that in mind, watch for whether this $34.52 level is broken pre-meeting to give you an idea of where we could go in the coming hours. However, the outcome of the meeting should ultimately provide a rally through $35.14, or below $32.34, to signal the ongoing direction beyond today.
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