In the medium term, the outlook is neutral. The decline from 1260 stalled at the 1250 level. Gold prices went back and forth during the course of the session on Wednesday. The resistance is at 1260, the support comes in at 1250 dollar per ounce.
If Gold keeps rising it will reach the levels 1260 and 1270. A move below 1250 will trigger sales towards 1240.
Despite the sharp decrease on Wednesday the Brent is still in the green. Brent is showing bearish signs. Sellers pushed the quotes to 51.50 where the selling pressure eased. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.
If the bearish tone persists we expect a breakout of the level 51.50. In this potential scenario bears will lead the price towards 50.50.
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