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Gold and Brent crude diverge but resistance lies up ahead for the precious metal

Gold on the rise back into key resistance, while Brent crude continues to drift lower after ending the long-term uptrend

Gold back into key resistance

Gold has been gaining ground over the past week, with the decline in treasury yields helping to lift precious metals over that period. That has taken price back towards a crucial area of resistance, with a break through the $1755 level bringing a double bottom formation and end to the trend of lower highs. With that in mind, there is a good chance we will see the market roll over around these levels. Nevertheless, it may make sense to await a break back below $1730 swing-low support to bring increased confidence that the market is going to roll over. As such, whether we see price break $1730 (bearish) or $1755 (bullish) will tell us a lot about where we go from here.

Brent crude drifting lower after recent attempt to regain positive footing

Brent crude remains on the back foot, as the market continues to struggle in its attempt to get itself back onto a more positive footing. The long-term uptrend has been broken of late, with the break below $62.29 signalling the potential for a period of weakness. That breakdown ultimately led to the subsequent rebound falling short and we have been drifting lower since. As such, we are looking for a continuation of this gradual bearish phase, with a rise up through $64.19 needed to bring about a more bullish view.

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