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Gold and Brent crude decline, but uptrends remain intact
Gold and Brent crude are on the back foot in early trade, but will this lead to a break of ongoing uptrends?
Gold weakens on rising yields, but uptrend remains
Gold has seen the bears start to resurface this week, with rising inflation helping to lift yields to the detriment of gold. The uptrend does still remain intact despite the pullback, with a break below the $1755 mark required to negate that bullish pattern. As such, the current pullback does represent a potential retracement that may be bought into. However, it is worth noting that the recent inflation rise could bring about higher yields and thus a return to the bearish gold trend.
Brent crude heads down towards key support
Brent crude is on the back foot in early trade, with the recent failure to break through $70 raising questions over what has been a difficult hurdle of late. Crucially, we need to watch out for whether price breaks below the $67.05 support or not. Should we see that level break, there is a good chance we could be in for a more protracted move lower. Until then, the uptrend does still remain intact.
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