Gold and Brent crude push higher after recent consolidation
Gold breaks resistance, with further upside likely. Meanwhile, Brent crude has turned higher once again following the recent retracement phase.
Gold continues to consolidate within likely retracement
Gold managed to break up through $1787 resistance this week, coming off the back of an extended period of consolidation around the 76.4% Fibonacci resistance level. That break points towards a potential wider upward move coming into play, especially given the subsequent support found on that $1787 level.
Near-term upside resistance comes in the form of the $1807 level, with the wider move coming into play here. However, given the respect seen at the $1834 level over the past three months, there is also a chance we push up into that resistance level once again.
A break below $1787 brings expectations of short-term downside.
Brent crude turning upwards after latest retracement
Brent crude is on the front foot once again following the latest retracement. That pullback has provided less than a 50% move, with price heading higher once again.
This uptrend looks likely to continue for some time yet, and thus it makes sense to remain bullish unless we see price break support and end the trend of higher lows. As such, bullish positions are favoured while price remains above $78.88.
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