Brent crude oil price on track for third straight day of gains while gold rally falters

Brent crude oil price on track for third straight day of gains while gold rally falters as sentiment improves amid planned US-China trade talks.

Source: Adobe images

Written by

Axel Rudolph

Market Analyst

Article publication date: 2025-05-07T11:59:46+0100

Brent Crude Oil on track for third straight day of gains

The Brent crude oil price is on track for its third straight day of gains, having bounced off its April-to-May $58.72-to-$58.18 per barrel support zone.

The rise above Friday's $62.59 high is short-term bullish with the 23 April low at $64.43 representing the next upside target.

Brent crude oil daily chart

Source: TradingView

Gold price rally is running out of steam

The spot gold price's steep 5% rally over the past few days seems to be temporarily running out of steam below its April record high at $3,500.00 per troy ounce amid planned US-China trade talks and improved market sentiment.

The 24-to-29 April highs at $3,370.00-to-$3,345.00 may offer short-term support on Wednesday. If not, a slide towards the 23-to-28 April lows at $3,353.00-to-$3,260.00 may ensue.

Spot gold daily chart

Source: TradingView

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