Gold price and Brent crude price expected to gain further
Gold and Brent crude gain ground, but resistance lies ahead after a short-term period of consolidation.
Gold consolidates after rebound
Spot Gold has been consolidating after yesterday’s rebound seen in the wake of a historic $200 decline from last week’s peak of $2075. The wider uptrend is coming back into play as things stand, with price having respected the confluence of Fibonacci (76.4%), trendline and moving average (200) support. With that in mind, there is a good chance of further upside, with the break from this current consolidation zone of $1907-1949 providing a key directional bias or the short-term.
Brent rallies back into key resistance zone
Oil - Brent Crude has pushed higher off the back of a 61.8% Fibonacci retracement, with price subsequently taken into a confluence of trendline and horizontal resistance. A break-through the $45.96 level would provide a bullish continuation signal, with the ability to overcome this hurdle key in signaling whether the uptrend will continue now or later.
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