Gold attempts to regain lost ground as Brent crude heads lower once again
Gold attempts to regain lost ground after a volatile week just gone. Meanwhile, Brent crude remains in the back-foot with price continuing its recent bearish trajectory
Gold rebounds from key support, as recovery remains in play
Gold has seen plenty of volatility over the course of the past week, with the precious metal following the declines seen across equity markets in the wake of FOMC, BoE, and ECB meetings last week. European equities look to be kicking off the week on a positive footing, which helps the bulls stay optimistic despite concerns. Given the fact that last week’s declines managed to keep price above the $1766 swing-low, the uptrend in play over the past three-months does remain in play. A break down through that support level would be required to bring expectations of a bearish reversal for the precious metal.
Brent crude heads continues to lower
Brent Crude has been on the back foot since Thursday’s peak, with price looking set to continue the bearish trajectory that has been dominating since the beginning of November. With price having recently pushed up towards the trendline and Fibonacci resistance area, we are seeing the bears come back into play once again. With that in mind, another move lower looks likely for Brent crude, with a bearish bias in play as long as price remains below the $89.35 swing-high resistance level.
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