Gold price and Brent crude price start to turn higher once more
Gold and Brent crude start to show signs of a bullish resurgence, following on from a period of downside volatility.
Gold finds support on ascending trendline
Gold has been consolidating overnight, following a big pickup in volatility yesterday. Interestingly, we are seeing the price of gold find support on the previously relevant ascending trendline.
Given the uptrend in play, there is a good chance we will see another leg higher from here, with a break through the $1964 resistance level providing us within a bullish signal. Conversely, a break back below trendline and $1948 support would highlight the potential for another move lower.
Brent attempting to regain ground after recent declines
Brent has also seen some downside volatility of late, with the price falling tentatively below the 76.4% Fibonacci support level of $43.09 on Monday.
However, with the wider trend of higher lows still in place, we are seeing the price build bullish momentum once again. As such, further upside looks likely from here, where that bullish view holds unless we break below the $42.50 lows.
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