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COMMODITIES TECHNICAL ANALYSIS October.06

Gold

Gold prices recovered in the Asian and European sessions on Wednesday. The price grew from 1265 to 1277 where the recovery momentum faded and the price got under selling pressure. The pair XAU/USD ended the day in the negative territory. The resistance resides at 1270 dollars per ounce, the support comes in at 1260.

The price may roll back towards the current resistance where it may turn around to break 1260 again.
06_10_2016_xauusd
Brent

Brent was neutral on Wednesday. The prices remained above the level 51.50 the whole day. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

We expect the price to return below current support. Sellers may lead the price to 49.50.

06_10_2016_ukoil

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