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Gold price and Brent crude price halt divergence for now

Gold and Brent divergence eases, as coronavirus impact lessens despite rise in cases.

Gold consolidates after recent rally

Gold has been in consolidation mode following the latest gains, with the decline seen this morning tallying up with gains seen through stock markets in early trade. Nonetheless, further upside does look likely before long, with the wider uptrend likely to play out once again.

For the short term the picture is determined by whether we see a break below the $1576 support level or not. Should that break occur, it would point towards a retracement period of the $1546-$1586 rally. However, until that break below $1576 occurs, there is a chance we simply continue to respect this area of support to leverage another move higher.

Brent declines towards critical support level

Brent declines have led to an overnight period of consolidation, with the price trading largely sideways throughout yesterday’s session.

That decline we are seeing over the past three weeks takes us towards a crucial breakdown zone of support at $55.80-$56.08. Should we break below that support zone, it would point towards a wider bearish picture coming into play. However, for the short term, it is likely we see another leg lower, with a break below $57.82 providing us with that short-term sell signal.

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