Gold and Brent crude rise, but questions remain

Gold and Brent crude both regain ground, but wider weakness ensures the bearish questions remain for now.

Gold moves higher as it seek to regain lost ground

Gold is on the rise once again this morning, with price looking to follow up on the rebound from 76.4% support seen on Wednesday. A rise through the $1913 resistance level would look to provide a bullish follow up on that original rise. Questions remain as to whether we are simply retracing the decline from $1973. However, even if that is the case, there is room for a potential rise back towards the 76.4% resistance level ($1944) should price break this impending $1913 resistance level.

Brent crude heads back into resistance after period of volatility

Brent crude has seen significant volatility of the course of yesterday, with a sharp decline in US inventories counteracted by demand fears as secondary lockdowns take shape in Europe. Nevertheless, the current rise back towards the $43.71 resistance level does highlight the potential for a bullish breakout. It is also worthwhile watching the $44.12 level as a notable hurdle that needs to be overcome if we are to spark a more convincing bullish signal. Until those levels are broken the downside risk remains for this market.

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