Brent crude oil price and gold price likely to rise despite recent pullback
Gold and Brent ease back after recent gains, yet will it simply be a short-term reprieve?
Gold closes gap, as risk-off sentiment eases
Gold has been easing back after the gap higher at the start of the week, with the price having closed into that $1553 level overnight.
The question now is whether we find support on that level to push higher. Watch for a break through the $1580 level to confirm the continuation of this uptrend. Conversely, should we see a break below that $1553 level, we would be looking at a heightened chance of a pullback.
Brent pullback brings potential buying opportunity
Brent crude has pulled back into $67.56 support, with the price now starting to move higher.
The uptrend seen throughout the past three months remains intact, with a break below $65.63 required to negate this bullish outlook. Until that happens, it looks likely we will see another move higher for Brent.
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