Gold price bounces off support while Brent crude oil price nears key resistance area
Gold price bounces off support while Brent crude oil price nears key resistance area as year-end approaches and trading winds down.
Gold price bounces off uptrend line
The spot gold is bouncing off its June-to-December uptrend line and Monday's low at $2,596.00 per troy ounce but is unlikely to overcome last week's high at $2,639.00 before year-end. Resistance above this level is seen along the 55-day simple moving average (SMA) at $2,664.00.
Good support below Monday's $2,596.00 low sits at the December low at $2,584.00. While it holds, further range trading is at hand but failure there would probably engage the November low at $2,537.00.
Brent crude oil price nears key resistance zone
The Brent crude oil front month futures price continues to head towards the upper boundary of its November-to-December 74.18-to-76.16 sideways trading range. This key resistance area is expected to cap into year-end.
Minor support below Thursday’s 73.77 high can be found along the 55-day SMA at 73.19.
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