Gold and Brent crude prices ease back after recent gains

Gold and Brent ease back, despite wider bullish trend in place over recent weeks.

Gold consolidating after Mondays declines

Gold has been trading largely sideways following the declines at the start of the week. We have a large zone of notable support down below, with historical resistance levels located between $1375 and $1347.

There is still a chance we could see another leg lower following the bearish break below $1402, yet those support levels are likely to play a key role should we see further downside. To the upside, watch for a break through $1425 to bring about a return of the bullish June trend.

Gold chart Source: ProRealTime

Gold chart Source: ProRealTime

Brent crude fails to gain on OPEC output decision

OPEC decided to extend the production limits for another nine months yesterday, yet for the most part markets failed to react with any optimism.

The pullback we have seen brings Brent close to the notable $64.01 swing low, with a break below that level key to negating the uptrend in play over the past fortnight. Until that happens, we could still see another leg higher to continue the bullish trend.

Brent chart Source: ProRealTime

Brent chart Source: ProRealTime


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