Brent crude oil price breaks key resistance, bringing gold and crude prices in sync
Gold and Brent look set to push higher, with both markets finally moving back in sync.
Gold turning higher after recent pullback
Gold has drifted lower overnight, with the market falling into the 76.4% Fibonacci retracement level.
That points towards a likely move higher occurring before long, with a drop below $1327 required to negate the current uptrend. Looking at the stochastic, there is a chance we will see a retracement over the short term, yet that would be deemed a likely precursor to further upside.
Brent crude breaks through key resistance level
Brent managed to break out of the short-term downtrend overnight, with the price rising into a higher high above the $62.07 mark.
That points towards the possibility that we will move into an upward retracement phase to take back some of the ground lost over the course of the past week. As such, a short-term bullish phase looks likely from here, with a break below $59.94 required to negate that idea.
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