Gold price and Brent crude price rise after yesterday’s gains

Gold and Brent crude have started to turn higher following yesterday’s declines and OPEC rumours.

Gold breaks support to bring potential wider pullback

Gold managed to break below the key $1694 level yesterday, with the price slumping into the lowest level since early May.

We are currently in recovery mode, with overnight gains being followed up this morning. The brief pullback could give us a short-term higher low, with a break through $1705 key to building a more long-standing rebound. However, there is a good chance we will see the price turn lower again given the recent breakdown. As such, watch for a break below the most recent swing low (currently $1698) to highlight a return of the bearish picture. Until then, a break through $1705 could bring short-term relief for the bulls.

Brent on the rise after yesterday’s volatility

Brent crude turned lower yesterday after rumours surfaced over a potential breakdown in relations at the Organisation of the Petroleum Exporting Countries (OPEC) that could signal a failure to agree an extension to the production cuts today.

However, we have since stabilised, with the price turning higher after an evening of consolidation. As such, the bullish trend remains intact unless the price breaks below yesterday’s low of $38.79. The fact that we have managed to remain above that level this morning points towards a likely move higher from here.

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