Gold price consolidates, as Brent oil price pushes higher
Gold is taking a breather after a recent pullback, while the Brent price is gaining ground in what looks like a wider retracement.
Gold price consolidates after recent pullback
Gold has started to consolidate, following on from a period of weakness instigated on Friday.
With gold recently breaking higher from a period of consolidation, this decline back into that range raises the possibility that we will trade in such a manner once again. However, there is also a chance that we are retracing in the aftermath of that breakout, with the market setting up for another push higher before long. For the short term, we are awaiting the break from this current $1414-$1430 region of consolidation to give us a better idea of where we go from here.
Brent crude price continues to gain ground
Brent has been regaining ground over the course of the week, with overnight price action seeing the market breach $64.00.
There is a good chance that we are seeing a retracement phase here given the prior break below $64.02 and gentler slope of this current rebound. However, we would need to see either a deep retracement or a break below the most recent swing low to bring a bearish trading environment. Further upside seems likely for now, with a decline below $62.57 or rally into $65.04-$65.98 bringing a bearish picture back into play. Alternately, a wider bullish view would reemerge if the market breaks through $67.49.
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