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COMMODITIES TECHNICAL ANALYSIS October.20

Gold

XAU/USD was in buy mode on Wednesday. Yellow metal extended its near-term bullish momentum and refreshed its monthly high at 1270. The pair closed the day bullish. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

We remain bullish near-term. A move above the 1270 mark will suggest a resumption of a bullish trend.
20_10_2016_xauusd
Brent

Brent futures held a bullish tone yesterday. Buyers pushed the price higher, broke the level and refreshed the current high at 53.12. After setting a new high the price rolled back and closed the day bearish. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

The overall picture is bullish. After rolling back below 52.50 buyers may try to reclaim the level. Should they succeed and a further extension towards 53.50 could be observed further.

20_10_2016_brent

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