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COMMODITIES TECHNICAL ANALYSIS October.10

Gold

Gold futures remained under pressure on Friday. The price recovered during the European session. The yellow metal recovered a few pips above 1260 when the metal turned around. The XAU/USD got under selling pressure and sharply fell below 1250 and tested 1240. The resistance resides at 1260, the support comes in at 1250.

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 1270.
10_10_2016 xauusd
Brent

The upward trend remained intact. The price traded close to the recent high during the Asian and European sessions on Friday. Oil prices retreated from the weekly high and declined to 51.50 by the end of the trades. The resistance is at 52.50, the support comes in at 51.50 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 51.50. A daily close above 52.50 will return buyers in the game.

10_10_2016 brent

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