Gold and Brent crude gains could soon fade
Gold and Brent crude rise in early trade, yet major questions remain over whether it will last
Gold rises into Fibonacci resistance
Gold has been on the rise over the course of the past few trading days, with the precious metal pushing into a confluence of 76.4% Fib and 200-SMA resistance. The wider bearish trend remains in play unless we start to see price rise through $1755. Should that level break, we would be looking at a double bottom formation coming into fruition for this market. However, with price currently at a confluence of resistance, there is a good chance we will see the bears come back into play from here.
Brent crude on the rise, yet recent decline could signal impending weakness
Brent crude is on the rise this morning, coming off the back of a decline that took the market below the $63.30 swing-low yesterday. That brings a heightened risk of further downside despite the current rise, with a push back up through the $65.33 level required to negate that bearish break. Until then, this current move higher runs the risk of simply providing a retracement before we head lower once again.
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