Gold and Brent prices ease back in early trade
Gold and Brent crude uptrend remains intact despite easing back in early trade today.
Gold eases back, yet wider bullish outlook remains
Gold failed to really capitalise on its bullish breakout just yet, with the price easing back once again this morning. However, it is important to note the long-term bullish trend in place here, with further upside looking likely as a result.
Given the bullish break through triangle trendline resistance and the $1747 peak, this short-term pullback is likely to be a short-term phenomenon rather than a reason to sell. As such, a bullish outlook remains in play unless we see a break below the $1692 swing low.
Brent easing back after bullish break
Brent managed to break through the $35.86 resistance level yesterday, bringing about a fresh one-month high. However, that rally has come unstuck at the $36.90 peak from early April.
That hurdle will be key going forward, with the market direction largely dictated by the ability to break either $36.90 or $34.39.
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