Gold price in retreat while oil price looks for support
Gold is suffering as risk appetite revives, while Brent crude is looking to carve out a fresh higher low.
Gold pressured once more
The gold price dropped sharply through support yesterday, and is back to the $1460 low that marked support at the end of September.
A bounce from here was all but inevitable and has indeed transpired, but even a rally to $1480 would still be a lower high and a possible selling opportunity. The short-term bearish view remains in place unless the price moves back above $1490.
Brent still in uptrend
The uptrend in Brent crude from the October low is still in place, but a retracement from the high at $63.00 continues. Intraday stochastics is now heavily oversold around $61.50, so a bounce may result that may move back towards $63.00.
Below $61.00, the price heads towards rising trendline support from the October low, around $60.50.
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