Gold reverses lower, while Brent crude consolidates
Gold starts to weaken after rally into key resistance, while Brent crude continues to consolidate with a clear lack of direction.
Gold starts to roll over after rally into resistance
Gold has started to fade after a period of strength that took the metal into the confluence of a descending trendline and double bottom neckline of $1755. A break up through that level would have brought expectations of another push higher, yet the fact we are reversing lower does signal the potential for another bearish phase to come into play. Crucially, we have now seen price decline through the $1730 swing-low, signalling an end to the short-term uptrend that took us into resistance. As such, the rise we are seeing in early trade could bring a fresh selling opportunity, with a bearish view in play unless price rises through $1755 resistance.
Brent crude continues to consolidate after breaking from uptrend
Brent crude has been indecisive of late, with the breakdown of its wider uptrend failing to really gain much downside traction. Instead, we have seen price trading largely sideways, as we await that next directional breakout. With that in mind, watch for a break through $65.20 (bullish) or $61.51 (bearish) to give us a better idea of where we go from here.
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