Gold and Brent weaken, yet crude trend does highlight bullish potential
Gold and Brent crude continue their decline, yet wider uptrend does point towards potential bullish turn for crude ahead of inventories and OPEC announcements.
Gold turning lower from Fibonacci retracement level
Gold is turning lower once again this morning, following a rally into the 61.8% Fibonacci retracement level at $1740. That looks likely to continue the recent downtrend, with the creation of lower highs remaining as a reminder of what could come from here. A break up through the $1760 swing-high would bring a more bullish view, with a bearish outlook in play until then.
Brent crude pullback brings price towards key support
Brent crude has declined back towards the crucial $61.53 swing-low, with energy prices easing back since Thursday’s peak. A break back below that support level would bring about a wider bearish picture for this market. However, while we have seen a deep pullback, there is still a good chance of us seeing the bulls coming back into the fore from here. Greater confidence in a bullish turnaround would come with a push through the $64.02 level. As such, the outlook will be better informed once we break either $64.02 or $61.53.
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