Gold and Brent crude on the rise after recent pullbacks
Gold and Brent crude on the rise after last week's pullback, with wider recovery trends signalling further strength to come.
Gold rises back into Fibonacci and trendline resistance
Gold has been on the rise since Thursday’s lows, with the metal pushing up into the 61.8% Fibonacci resistance level of $1851. The wider descending channel does highlight the potential for this market to roll over around Fibonacci and trendline resistance, although we are yet to see any bearish signal come into play. With that in mind, it makes sense to expect further upside unless we see a bearish break through the $1809 support level.
Brent crude regaining ground after decline into trendline support
Brent crude has been on the rise after a decline into the descending trendline support last week, with the recent trend of higher lows remaining intact after price failed to break the $66.03 support level. A move below that point would signal a more bearish outlook for the pair, but bullish views remain prevalent until such a breakdown occurs.
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