Commodities report: gold and crude
Gold is turning higher after yesterday's 61.8% retracement. Meanwhile, the Brent rebound has failed to last, with further downside looking likely.
Gold rising after 61.8% retracement
Gold weakened in the wake of the Federal Reserve (Fed) meeting, pulling the price back into the 61.8% Fibonacci support level.
The short-term uptrend could have needed a break below $1233 to bring about the possibility of a wider retracement of the rally from $1196. However, we are instead heading higher from the near-term retracement, with a rise through $1258 looking likely to continue the uptrend.
Brent breaking lower after minimal rebound
The Brent sell-off looks set to continue, with the break below $58.48 signaling a high likeliness of another drop in crude prices.
Yesterday saw a minimal rebound come into play, yet without going anywhere near the $62.07 swing high, we are seeing that rebound negated with a move back into the $55.82 low. A break below this level points towards another leg lower for Brent, with a rally through the most recent swing high required to negate that bearish outlook.
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