Gold price and Brent crude price break higher from consolidation

Gold and Brent crude continue their bullish trend, with upward breakouts coming after recent consolidation.

Gold breakout points towards further upside

Gold has managed to break through the $1818 mark this week, as this precious metal pushes into a fresh eight-year high on the way to the $1921 record high.

The wider bullish trend continues apace with this breakout, where further upside looks very likely. While we will see pullbacks along the way, further upside looks likely as long as we do not see the price break below the previous swing low. As such, a bullish outlook is in play, with a decline through the $1796-$1790 zone required to negate this current bullish view.

Brent surges into key breakout level

Brent crude has managed to tentatively break through the $43.91 level this morning, with the price hitting a fresh four-month high.

Given the recent trend of higher lows, this breakout points towards a likely continuation of the uptrend seen throughout recent months. As such, bullish positions are favoured unless we see a break below the recent swing low of $42.50.

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