The market seems fairly balanced now. Gold prices traded sideways yesterday. The yellow metal remained in a tight range between 1260 and 1250. The resistance is at 1260, the support comes in at 1250 dollar per ounce.
We prefer to stay neutral until we see a clear break above or below the current range. This break will determine the further direction of gold.
Brent traded mixed with half of the day trading lower and the other half higher. Oil prices were under pressure during the Asian session and were positive during the day. Brent futures bounced from the 51.50 level and moved higher. 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. A move below 51.50 will switch the tone back to bearish. In this potential scenario, the price will decline to 50.50.
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