Gold price and Brent crude price expected to push upwards
Gold and Brent crude look set for further gains, as Brent seeks to reverse bearish trajectory.
Gold continuing its gradual ascent
Gold has been gaining ground over the past week, with shifts in favour for stocks failing to really make much of an impact on this market. With the price continuing to channel higher, we are now approaching the key $1590 resistance level.
A break through there would bring about the highest level since 2013. This looks likely given the ongoing anxiety over the coronavirus crisis in China. As such, further upside looks likely, although greater confidence comes with a break through $1590. A break below $1579 would be required to negate this bullish outlook.
Brent crude declines unlikely to last
Brent crude appears to have bottomed out after a huge decline, with the price having broken through the $56.61 resistance level to bring about a more bullish outlook.
We are seeing some downside this morning, yet this looks likely to be a short-term phenomenon. Further downside into the 61.8%-76.4% Fibonacci zone would bring us a better buying opportunity. In any case, a bullish outlook is in play here, with the wider bearish trend only coming back into play with a break below the $55.05 support level.
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