Gold and Brent crude selloff continues, but bulls likely to return before too long
Gold and Brent crude head lower, with bearish phase likely to persist until we see price break through key resistance levels.
Gold tumbles back into Fibonacci support zone
Gold has been hit hard this week, with price slumping back into the 61.8% Fibonacci support level.
While price initially held up at that $1804 support level, we are seeing it head lower once again this morning. A break below this level points towards a potential move back into the 76.4% Fibonacci support level of $1786.
The wider trend of higher lows does remain prevalent, bringing the potential for a bullish reversal within this deep Fib zone. A push back below $1759 swing-low would be required to end the wider trend in place over the course of the past two months.
Brent crude reversing lower after brief respite
Brent crude has continued its bearish phase once again this morning, with price turning lower after a brief period of respite yesterday.
A trend of lower highs remains in play unless we see a break up through the $81.63 swing-high. Until that happens, this bearish trend looks likely to persist as concerns over lockdown measures bring fears of weaker supply.
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