Gold price and Brent crude price ease back, yet trend remains

Gold and Brent start to weaken, yet uptrend remains intact for now.

Gold uptrend remains intact, yet key resistance lies ahead

Gold has been on an impressive uptrend of late, with the precious metal hitting record highs on a near daily basis.

While the price has been on the rise in early hours today, we are seeing it turn back below the $2056 level. A break through that previous peak would signal a continuation of the uptrend, although ultimately this pullback will be seen as a short-term phenomenon unless we see a break back below the $2029 low.

Brent falls back into Fibonacci support

Brent crude has been turning lower over the course of the morning, with the price falling back into the 61.8% Fibonacci level once again.

A break below this level would point towards a potential drop into the 76.4% Fibonacci support level at $44.78. As such, the short-term trend remains at risk of a deeper retracement. However, this is viewed as a retracement unless we see the $44.31 support level broken.

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