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COMMODITIES TECHNICAL ANALYSIS October.03

Gold

The bearish trend remained intact. Gold prices got under selling pressure and accelerated their losses on Friday. Sellers broke 1320 dollar per ounce and headed towards 1310. The resistance is at 1320, the support comes in at 1310 dollar per ounce.

The price may reverse some of its losses and shortly return above 1320. We expect a downward pressure persists and yellow metal will decline to 1310 dollar per ounce.
03_10_2016 xauusd

Brent

Bulls preserved control over the market. Buyers were able to refresh a weekly high at 50.20 on Friday. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.

As the most probable scenario, we expect a technical decrease towards the 48.00 level.

03_10_2016 brent

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