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COMMODITIES TECHNICAL ANALYSIS October.21

Gold

A bearish tone prevailed in the 4 hours chart on Thursday. Buyers failed to reclaim the level 1270. After testing the level the price retreated from it and headed towards 1260. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

We believe the pair will decline to the nearest support 1260. After breaking the level prices will move towards 1250 dollar per ounce.
21_10_2016_xauusd
Brent

Brent futures edged lower on Thursday. The price gave up its recent gains and moved below 52.50. Oil prices decreased and tested 51.50 dollars per barrel. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

A daily break below 51.50 will extend Brent losses. A bounce upwards is also possible. Prices may rebound towards 52.50 dollars per barrel.

21_10_2016_brent

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