Gold and Brent crude could lose momentum after recent rise
Gold and Brent crude push higher, yet there is a good chance we could see momentum wane over the short-term.
Gold rebounds from support yet questions remain
Gold has rebounded from the key $1765 support level over the recent trading days, with the price of gold finding buyers after yet another period of weakness. Unfortunately, we are not out the woods quite yet, with the recent trend of lower highs highlighting the potential for another reversal from the Fibonacci resistance. With that in mind, watch for a potential bearish turn from the $1819-1833 Fibonacci zone, where a break through the $1855 level would be required to bring about a bullish view once again.
Brent crude starts to lose momentum after latest push higher
Brent crude managed to push into a fresh 13-month high overnight, with the uptrend continuing in the wake of another deep retracement. That move into touching distance of the 76.4% Fibonacci support level brought a good buying opportunity, yet we are now seeing momentum wane a little. With the stochastic rolling over and price showing signs of weakness, we could see the price ease back in the short term. Such a pullback would be deemed another potential buying opportunity should it occur. Whether that pullback comes to fruition or not, a bullish outlook holds unless the price breaks below the $61.53 support level.
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