Brent crude oil price and gold price at risk of declines
Gold and Brent start to show signs of a potential bearish turn after recent gains.
Gold starts to fade after sharp rebound
Gold has seen a nice rebound following the intraday double bottom completed on Tuesday. The rebound in gold has taken us into the $1479 resistance level, with the price now moving lower.
A break through $1484 would be required to bring about a continuation of the bullish theme seen through the creation of higher highs and lows over the past month. However, with the price having respected the 76.4% Fibonacci retracement level, there is a good chance we will see further downside come into play over the short term.
Brent rally brings potential shorting opportunity
Brent broke below the $63.28-$63.44 support zone yesterday, bringing about a bearish short-term outlook for this market. We have since seen a rebound overnight, yet that looks to provide us with a more advantageous shorting opportunity.
With that in mind, there is a good chance we will see this market turn lower soon, with a bearish outlook in play unless we see a rally up through $64.33 resistance. Such a decline would be expected to provide a retracement of the rally from $60.20.
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