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COMMODITIES TECHNICAL ANALYSIS October.07

Gold

Gold prices extended their losses on Thursday. Sellers dragged the yellow metal lower. The price reached the level 1250 by the end of the trades. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

A move below the current support will open the way towards 1240. A break above 1260 will strengthen buyers’ positions who will be able to push the price above 1270.
07_10_2016 xauusd
Brent

Brent continued its upward move and was able to set a new weekly high. The price reached the three-month high at 52.50. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

If the bullish tone persists we expect a breakout of the level 52.50.  If Brent bounces off the level the price will decline towards 49.50.

07_10_2016 brent

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