Gold and Brent crude prices diverge as gold heads towards record highs
Gold and Brent crude diverge, yet crude declines look likely to be short-lived as the uptrend kicks back into play.
Gold drives upwards yet again after overnight consolidation
Gold is heading higher once again this morning, with a deep retracement overnight ultimately resolving another leg higher.
As we push onwards, a rise through the previous peak of $1898 is expected as we push towards the record high of $1921. With that in mind, the uptrend remains intact, with further upside looking likely unless we see a break below the previous low of $1870.
Brent declines could bring buying opportunity
Brent crude has slumped into a deep retracement over the latter part of the week, bringing the price back below the 61.8% Fibonacci level.
This is likely to bring another leg higher given the wider bullish trend, with another turn higher expected before long. As such, a bullish outlook is in place unless we see the price break below the $42.50 low from Monday.
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