Gold price slides while Brent oil price strength unlikely to last
Gold drifts lower, while Brent gains ground, yet both moves seem short term and are likely to reverse.
Gold easing back once again as we await notable break
Gold has been easing back over the course of the week this far, with the price erasing the early-Monday gains.
The break through the $1424 swing high points towards this current decline being a retracement. However, should we see a break below $1382, further declines would look likely from there on in. To the upside, the bullish view gains traction with a rally through the $1407 swing high.
Brent crude rise unlikely to last
Brent crude has been on the rise over the past week, with the price having hit the 61.8% retracement level yesterday.
Ultimately the break below $64.01 points towards this current rise being a likely short-term retracement before the price turns lower once again. A break below the $62.84 swing low would bring that bearish picture back into play, and until that happens there is still a chance of another rebound for a rise into the 76.4% Fibonacci retracement ($65.60). However, such a rise would need to break through the $66.70 peak to negate the bearish outlook.
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