Gold and Brent crude oil prices both retreat from recent high
Gold is under pressure for a second day, while oil prices have reversed and may be poised to move lower.
Gold price still under pressure
A reversal continues here, as the price of gold heads lower for a second day. Below $1320 the outlook becomes more bearish, targeting $1308 and $1302.
Overnight gains faltered at $1330, so a recovery above here is the first step needed to suggest that the price is moving back into a bullish phase.
Brent price sees swift reversal
Yesterday’s reversal must be closely watched to see if the price of Brent continues to move lower.
The inability to hold on to gains is a negative sign, and may suggest that further declines are likely, targeting $60. A move back above $64 would help to indicate that a rally is back in place.
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