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​Gold and Brent crude attempt to regain a more positive footing after recent declines

Gold and Brent crude have been on the back foot, but key resistance levels lie ahead which could bring a more optimistic outlook going forward.

Gold slumps back into trendline support

Gold has been on the back foot over the course of the past week, with price tumbling through all Fibonacci levels to reach trendline support.

A break below the $1760 swing-low would point towards a wider pullback coming into play. Thus the exit from this current consolidation phase will be important.

A rise through the $1797 level could start to build some bullish momentum. However, a break below $1778 would point towards a potential selloff into that key $1760 support level.

As such, the exit from this current consolidation phase will be key for near-term sentiment.

Brent crude pauses after recent rally

Brent crude managed to break up through the $81.63 swing-high this week, with markets clearly treating the move to release strategic reserves with contempt.

Instead we have seen energy markets strengthen, with price looking likely to continue its recovery phase if we manage to push up through the $82 handle.

As such, we are waiting to see if price rolls over into another significant pullback or rebound up through resistance to form a new higher high.

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