Gold prices bounce back while Brent crude oil nears key resistance
Gold prices bounce off support while Brent crude oil prices near a key resistance area as the year-end approaches and trading winds down.
Gold price bounces off uptrend line
The spot gold is bouncing off its June to December uptrend line and Monday's low at $2596 per troy ounce but is unlikely to overcome last week's high at $2639 before year-end. Resistance above this level is seen along the 55-day simple moving average (SMA) at $2664.
Good support below Monday's $2596 low sits at the December low of $2584. While it holds, further range trading is anticipated, but failure there would probably engage the November low at $2537.
Spot gold daily chart
Brent crude oil price nears key resistance zone
The Brent crude oil front-month futures price continues to head towards the upper boundary of its November to December 74.18 - 76.16 sideways trading range. This key resistance area is expected to cap into year-end.
Minor support below Thursday’s 73.77 high can be found along the 55-day SMA at 73.19.
Brent crude oil daily chart
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