Gold breaks resistance as Brent crude approaches key Fibonacci level
Gold breaks higher as yields fall, while Brent crude rallies back towards a crucial Fibonacci resistance level.
Gold back into trendline support after bullish breakout
Gold has been easing back in early trade today, following a bullish breakout through $1790 and trendline resistance. Yesterday’s sharp declines in the US 10-year yield followed a disappointing Institute of Supply Management (ISM) manufacturing survey, but that came to the benefit of the price of gold. With price falling back into trendline support following that breakout, there is a good chance we will see further upside from here. As such, a bullish outlook holds unless we see a break back below the $1755 swing-low.
Brent crude rallies back towards key Fibonacci resistance
Brent crude is on the rise this morning, with price breaking higher after overnight consolidation. That brings us back towards the key 76.4% resistance level at $68.58, which represents the key level to watch today. With the wider trend breakdown having raised the possibility that we are retracing ahead of another leg lower, this Fibonacci resistance level will be key in furthering or refuting that claim.
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