Brent crude price and gold price ease back, yet bullish crude outlook holds
Brent crude and gold pull back, yet crude looks more likely to continue moving higher before long.
Gold decline takes price back into key support
Gold has been on the slide over the past three trading days, with the precious metal moving back into a key support level.
That $1456 swing low represents todays low, thus negating the recent creation of higher lows. With that in mind, there is a good chance we will see the price of gold continue to move lower as the bearish trend of early-November comes back into play.
Brent crude easing back after recent rebound
Brent crude managed to rally into the $63.00 region last week, negating the breakdown below $60.42 seen on Tuesday.
The subsequent rally brings the wider bullish trend back into play, yet we are now seeing some of that bullish sentiment ease. Whether we are going to see a decent sized retracement or simply a brief pause remains to be seen, yet further downside does look likely. As such, short-term weakness could play out, yet watch for a break through $63.42 to bring about an immediate return to the bullish trend.
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