Gold futures opened higher on Tuesday. However, buyers were unable to develop a strong recovery and prices continued to head lower. Sellers were able to lead the price towards 1250. The resistance resides at 1260, the support comes in at 1250.
A break below the current support might force the pair to resume its downward trajectory. The level 1240 is the next sellers' target.
In the nearest term, the outlook is neutral. Brent traded sideways yesterday. The price went back and forth between 52.50 and 53.50. The resistance is at 53.50, the support comes in at 52.50 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.
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