Gold price and Brent crude oil price take a breather from recent trends

Gold is taking a breather following recent gains, while Brent losses also ease with a rebound from Fibonacci support.

Gold takes a breather after recent gains

Gold is consolidating this morning, following on from a period of sharp gains amid a flight to safety.

That uptrend is likely to come back into play soon enough, yet we could see gold drift lower a little more for the time being. Watch for a break through the $1510 peak as a bullish signal to continue those gains. Otherwise it is a case of buying on a deeper retracement. Either way, a bullish outlook remains in play unless we see a break below $1453.

Gold charts Source: ProRealTime

Gold charts Source: ProRealTime

Brent crude expected to turn lower after overnight gains

Brent has managed to regain ground overnight, following a bout of losses throughout the beginning of August. However, that bearish picture remains relevant, with the wider decline below $59.23 pointing towards impending losses.

The one caveat to that bearish picture is the recent respect of 76.4% Fibonacci support at $56.06. However, for the short term, we have rallied back towards trendline resistance, and with the downtrend still in play it makes sense to look out for further downside. Thus, a bearish outlook is in play here, with a break through the $59.11 swing high needed to bring a more bullish picture.

Brent crude charts Source: ProRealTime

Brent crude charts Source: ProRealTime


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