Brent crude price and gold price expected to move higher
Gold and Brent expected to see further upside, yet the gold recovery could be short lived.
Gold gradually regaining ground
Gold has been on the rise over the past week, with the price gradually regaining ground since bottoming out at the $1450 level.
That decline took the market below $1456, highlighting that this current rise is likely to be a retracement before we move lower once again. With that in mind, watch out for the $1467 and $1472 level as the next resistance points. Only a break through the $1479 level would bring about a wider bullish picture once again.
Brent crude starts to turn higher after sharp pullback
Brent crude saw sharp declines on Friday, with the price falling back into trendline support.
The initial rebound was sold into yesterday, yet we are on the rise once again. The stochastic is breaking through trendline resistance, pointing towards a resurgence in momentum. As such, a bullish reversal does look likely from here, with a break below $59.69 required to break out from this trend.
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