Gold turns lower, as Brent rises into resistance
Gold starts to weaken after the latest attempts at a recovery, while Brent rallies into SMA and Fibonacci resistance in a bid to regain a more bullish footing.
Gold starts to falter after recent breakdown
Gold had been attempting to regain ground yesterday, following a sharp decline back on Tuesday. That breakdown ended a recent uptrend, bringing expectations of another leg lower for this precious metal. As such, while we could see another move higher in the near-term, it is likely that this current rise is a retracement and precursor to further downside. A break through $1921 would negate that bearish short-term outlook.
Brent crude climbs back into SMA resistance
Brent crude crude had turned lower from a confluence of 76.4% and 200-SMA (4-hour) resistance on Tuesday, with the wider bearish trend looking likely to kick into play once again. However, we have since seen the bulls come back into prominence, bringing another move towards that moving average. A break through Tuesdays high of $42.96 would go some way to highlighting the potential for a bullish breakout through $44.12 could be on its way. However, for now we are trading at a crucial crossroads which will provide the basis for upcoming price action in Brent crude.
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