Gold’s rally still stalled while Brent crude slumps to two-month low
Gold prices have failed to make further headway, while Brent crude is under pressure as the dollar strengthens.
Gold
The price has yet to roll over conclusively, but with gains having stalled at $1790 and the dollar strengthening, a retracement is eminently possible.
A lower high below $1800 reinforces the bearish view, and buyers will need to recover $1800 and then $1810 to maintain the bullish outlook created over the past week.
Brent
The price has fallen below the lows from July and early August, with further declines likely towards the 200-day simple moving average (SMA) of $63.19.
The next level of support is $64.50, an area tested in April and May. Trendline resistance from the late July peak comes into play at $68.80 and could hold back any upside in the short-term.
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