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COMMODITIES TECHNICAL ANALYSIS October.05

Gold

The price is bearish on the 4 hours chart. Gold prices extended their bearish momentum towards 1280 on Tuesday. The metal lost about 2.18% during the trades and broke through the levels 1300 and 1290. The resistance resides at 1280, the support comes in at 1270.

We expect an upward correction which may last a few days to ease the current oversold scenario. We expect the price to grow towards the level 1300.
05_10_2016 xauusd
Brent

Brent preserved its upward momentum on Tuesday. Buyers were able to push the price higher. After refreshing weekly high the price slowed down and slightly retreated. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

We consider Brent to be overbought and expect a roll back. We will place sell orders only if the price fixates below 50.50.

05_10_2016 brent

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