Gold price and Brent crude oil price show signs of potential upside
Gold and Brent show signs of a potential recovery, yet could such a move be fleeting?
Gold declines continue wider bearish trend
Gold has been turning lower after a rally into the 76.4% Fibonacci resistance level on Thursday. That coincided with the bottom for European and US markets amid recent selling.
However, just as those markets start to look at risk, we are seeing gold consolidate, with the stochastic pointing towards a rolling over in momentum. Watch for the stochastic to rise through the 20-mark to signal potential impending upside, with any such gains potentially providing us with a retracement of this recent sell-off. We would need to see $1519 broken to bring about a more bullish view for the medium term.
Brent attempting to regain ground after recent declines
Brent crude has seen some upside come into play following a decline into the crucial $55.80 and $56.06 support zones.
While the price has been gradually gaining ground, we are seeing some of that traction ease this morning with a somewhat tame rebound in early hours. With the price starting to turn lower, a break below the $57.59 would start to bring about a more bearish picture once more. Until then, the question is whether we can continue to regain ground following a period of sharp declines.
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