Gold and Brent crude on the rise, with further upside likely
Gold looks set to continue its upward surge, while Brent crude starts to reverse higher from $80 support.
Gold looks likely to break higher from recent consolidation phase
Gold has been on the front foot of late, with the rise through $1834 giving way to a swift $30 appreciation.
However, we have been consolidating over the past few trading days, with price struggling to break up through the $1868 level. That said, we are seeing price attempting to push up through that level this morning, bringing the potential for another strong leg higher here.
With that in mind, a bullish outlook holds unless price falls back below the $1856 support level.
Brent crude rebounding from key $80 support
Brent crude has started to push higher after a pullback into the $80 handle yesterday.
With price having rallied up into the $85 level last week, there was always a good chance we would see Brent turn higher at or above $80. As such, the rebound seen yesterday signals a potential bullish phase to bring us back into that $85 resistance level.
A move through either $80 or $85 would signal the directional bias from here.
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