Gold price and Brent crude price pause after recent rally
Gold and Brent crude look set for another move higher, with recent gains resolving in a retracement phase.
Gold consolidates after Friday's surge
Gold has been largely sideways since Friday’s push through $1769 resistance, with the precious metal seemingly rangebound thus far this week.
Given the rally into this current holding pattern, there is a good chance we push higher from here. That would play into the wider bullish trend that has been playing out over the past 22 months for gold. To the upside, it is worthwhile watching for a break through the $1774-$1775 zone as a bullish breakout signal. Until that happens, further consolidation looks likely.
Brent crude turns lower after rebound from trendline support
Brent managed to break through the $41.79 resistance level yesterday, bringing a potential sign of impending strength for energy markets. This comes after a decline back into trendline support, which has provided a reliable source of upside over the past week.
With the price turning lower this morning, there is a good chance we are looking at a retracement before the market turns higher once more. A break below the $40.01-$39.68 support zone would be required to negate this bullish outlook.
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