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Gold and Brent crude rally towards key resistance

​Gold and Brent crude look set for another push higher, with both markets regaining lost ground of late.

Gold rises back towards key resistance level

Gold has been on the rise following a 61.8% retracement yesterday. The price of gold has been largely consolidating of late, but the wider April uptrend does highlight the possibility of us pushing higher from here. Nonetheless, it makes sense to watch out for a break through $1800 resistance to bring a bullish breakout signal. Until then, there is a chance we continue this consolidation phase by drifting lower into another higher low.

Brent crude regaining lost ground

Brent crude has been on the rise of late, with the market managing to break through the crucial 76.4% Fibonacci resistance level. That highlights a growing possibility that we will ultimately resolve with a break up through $71.13 resistance. For today, we are challenging the $69.73 level, which dates back to mid-March. While we are yet to see price break through that level, the subsequent pullback is likely to be a retracement. As such, a bullish outlook holds unless we see a break back below the $66.03 level.

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