Gold price and Brent crude price continue to gain ground
Gold and Brent crude continue to move higher, with record highs for gold coming on a near daily basis.
Gold breakout brings fresh highs
Gold has continued its uptrend, with the break through $1984 signalling an end to the recent ascending triangle formation. With that in mind, we are looking for further upside to come as the bullish trend continues to play out.
We could see another consolidation or retracement phase come into play before long. However, whether that happens or not, a bullish outlook remains in play unless we see a break below the $1960 swing low.
Brent surges back towards key resistance level
Brent crude has been on the rise over the past week, with the price heading back towards the key $45.00 handle. With the price having broken below the $42.50 level last week, there was a risk that this recent rally was a retracement before price turned lower once more.
However, with the price failing to break out from this recent intraday trend of higher lows, price is now looking to negate that bearish possibility with a break through $45.00. As such, watch out for how price reacts to that key resistance level, as we look for a bullish continuation signal if that level breaks.
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