Gold and Brent crude diverge as traders seek out havens
Gold has gained ground as haven demand grows, while Brent crude continues its decline to hit a fresh three-month low.
Gold pushes higher once more, following pullback into support
Gold has surged in early trade, following the recent pullback into trendline and 76.4% Fibonacci support. The short-term intraday uptrend remains intact given the fact that price did not fall below the $1881 lows from Wednesday. That points towards further upside coming into play, with a bullish short-term outlook remaining unless we see the $1890 support level taken out.
Brent crude slides into three-month low
Brent crude has tumbled into a fresh three-month low in early trade today, with that tentative move below the September low of $39.52 failing to last long. We are seeing a push higher in the hours since, with price rising into another likely retracement. As such, whether we see short-term upside or not, a bearish outlook is in place unless we break through the $41.10 resistance level.
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