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COMMODITIES TECHNICAL ANALYSIS October.11

Gold

Gold prices were in a quite mode on Monday. Gold futures were able to recover its losses and reached the level 1260. After reaching the level the XAU/USD slowed down and traded flat. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

A move above the 1260 mark would suggest a resumption of a bullish trend. The level 1270 is the next buyers’ target. A move below 1250 dollar per ounce will lead the price lower towards the 4-month low at 1240.
11_10_2016_brent
Brent

Brent futures had a positive day on Monday. Buyers unexpectedly pushed the price higher after a gap downwards at the start of the day. The price jumped to 53.50 where it retreated and partly erased its gains. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

The overall picture is bullish. After rolling back buyers are trying to strengthen their positions. Thus, the price may extend its gains towards the 54.50 region.

11_10_2016_xauusd

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