Gold and Brent crude rise, but will it last?
Gold and Brent crude regain ground, but the wider declines seen over recent weeks could signal further downside to come.
Gold could gain further despite short-term pullback
Gold has been moving lower since yesterday’s peak, with the uptrend seen over the course of the past fortnight likely to continue playing out. While yesterday’s decline did take us into a tentative lower-low, the subsequent rise into a new high points towards further gains to come. With that in mind, the weakness we are currently seeing looks likely to represent a short-term retracement within a bullish phase. To the downside, a break below the $1887 level would be required to bring about a fresh bearish view.
Brent crude rally brings about a potential reversal point
Brent crude has been on the rise over the beginning of the week, with price rising into a confluence of Fibonacci and trendline resistance. The wider bearish picture remains in play unless we break through the $42.59 swing-high. With that in mind, this looks like an opportune moment for shorts, with a break lower likely from this confluence zone.
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