Gold falls back into support as Brent crude pushes into Fibonacci resistance
Gold falls back into key support, while Brent crude has rallied up into Fibonacci resistance in its bid to regain previous highs.
Gold drifts back into key support level
Gold has been on the back foot once again, with price moving back into the key $1790 support level. A break below that level would bring a bearish picture into play following a period of consolidation.
However, with price typically managing to post a short rebound from this level, it is worthwhile expecting another move higher until we see $1790 break.
Brent crude rallies back into Fibonacci resistance
Brent crude has been on the rise since a pullback into the wider 76.4% Fibonacci retracement level at $67.60. That rally has brought us back into yet another 76.4% level at $74.12. The wider uptrend points towards a likely push up through this level in a bid to regain the previous peaks of $76.30 and $77.57.
However, whether that will come in a straight line remains to be seen. For now, we need to see whether price respects that Fibonacci resistance level or simply pushes through.
To the downside, any pullback would need to break the $72.14 level to bring a more bearish short-term outlook. Until then, there is a good chance we see further upside come into play.
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