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Gold and Brent try to stabilise after recent weakness

Gold stabilises after a recent turn lower, while Brent crude declines into a crucial support level.

Gold consolidating after recent gains

Gold weakness seen yesterday has failed to really take hold in a meaningful manner, with price starting to rise once again today. A rise through the recent peak of $1933 level would point towards a continuation of the short-term bullish trend, although there are still significant questions over the potential for this current rebound to be a bearish retracement. With price back up into the 61.8-76.4% Fibonacci zone, a break up from that area could pave the way for a charge towards the crucial $1973 level. However, until that happens there is a risk we could see gold weaken as part of the downtrend seen since early-September.

Brent crude declines towards key support

Brent crude has been turning lower since Friday’s peak, with price falling back towards the crucial $41.49 support level. A break back below that $41.49 support level would pave the way for further downside, with the wider two-month trend of lower lows highlighting the potential for another sharp decline into $38.86. As such, watch out for whether we see that $41.49 support level broken or not as a gauge of whether we see further short-term downside come into play. To the upside, we would need to see a rise through the $43.71-44.12 resistance zone to end this period of weakness.

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