Gold price and Brent crude price on the rise
Gold and Brent crude gain ground, yet sharp declines for havens could see gold turn lower once again.
Gold rebounds after sharp breakdown
Gold saw sharp losses through the backend of last week, with the precious metal falling into the $1671 support level.
The rebound we are seeing currently looks like a potential retracement before we turn lower again, with a break through the $1721 threshold required to negate the bearish trend that has been playing out over recent weeks. With that in mind, while we could see short-term upside, it is worthwhile watching the 61.8% and 76.4% Fibonacci resistance levels for a potential bearish reversal.
Brent crude rallies into inside trendline resistance
Brent has been on the rise once again today, with the weekend agreement to extend the Organisation of the Petroleum Exporting Countries+ (OPEC+) cuts providing a gap higher at the start of trade.
Much of this has been expected, therefore, we are failing to see much follow through as things stand. Whether this ascending trendline will lead to a short-term pullback or not remains to be seen. However, in either case, it seems likely we will see further upside before long, with a break below $38.79 required to negate this bullish trend.
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