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COMMODITIES TECHNICAL ANALYSIS October.04

Gold

The bearish trend remained intact. The XAU/USD continued advancing south. The price briefly recovered during the Asian session on Monday. Gold prices gave up their small gains and decreased during the European and North American sessions. The resistance is at 1320, the support comes in at 1310 dollar per ounce.

As the most probable scenario, we consider further moving downwards towards the level at 1300. The price could conduct a short-term recovery towards 1320.
03_10_2016 xauusd
Brent

Brent had a positive day and closed bullish on Monday. After a brief consolidation during the Asian hours the price kept trending upwards. The price broke the level 50.50 and touched the mark 51.00. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

If the bullish tone persists we expect a breakout of the level 51.50. However, oil is overbought and we anticipate a large correction to ease the upward pressure.

03_10_2016 brent

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