Gold prices remained in a range yesterday. Bulls pushed the price towards the upper boundary of the range where the upward pressure faded. Buyers seem to be struggling with the current resistance level to higher. The resistance resides at 1260 dollars per ounce, the support comes in at 1250.
If buyers fail to retake the level the price may roll back towards the current support level. On the other hand, if buyers succeed they will be able to push the price towards 1270 dollars per ounce.
Buyers failed to move the price higher on Tuesday. Brent maintained its bearish tone and kept battling with the 51.50 level to go lower. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.
We expect the price to return below current support. Sellers may lead the price towards 50.50.
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