Gold price and Brent crude price declines could be limited
Gold and Brent crude move lower, although wider uptrend points towards potential bullish move coming back into play.
Gold declines into Fibonacci support
Gold has been on the back foot this morning, with weakness in the equity space resulting in downside for precious metals.
With the 76.4% Fibonacci support level coming into play here, there is a chance we could see a potential move higher to continue the wider bullish trend. As such, the bullish trend remains unless we see a break back below the recent low of $1941.
Brent fails to take advantage of US inventories drawdown
A sharp decline in US inventories has done little to boost Brent, with the $44.27 resistance level coming into play once again here. The uptrend remains intact nonetheless, with a decline through the $42.87 low required to bring about a more reliable bearish picture.
Until then, there is a good chance we could see the price turn higher once again as we attempt to regain ground and continue the wider uptrend.
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