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COMMODITIES TECHNICAL ANALYSIS October.17


Gold

The XAU/USD traded sideways on Friday. The price was in-between 1260 and 1250 dollar per once. The yellow metal moved in a range with a tendency to decline. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

A strong breakdown and close below 1250 could send prices lower towards 1240. A break above 1260 suggests further strengthening towards 1270 dollar per ounce.
17_10_2016_xauusd
Brent

Brent futures traded mixed on Friday. Brent oil is stuck between the 52.50 and 51.50 levels. The price seems to have found a descent support around 51.50. The level did not let the price to fall further. Brent futures bounced off the level and reversed some of its losses by the end of the trades. The resistance is at 46.50, the support comes in at 45.30 dollars per barrel.

We think the price will fall on Monday. As the most probable scenario, we consider further moving downwards towards the level at 50.50.

17_10_2016_brent

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