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COMMODITIES TECHNICAL ANALYSIS October.24

Gold

The XAU/USD pair closed bullish on Friday. Buyers pushed the price from 1260 to 1265 where the pair closed the day. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

A close above 1270 will help gold prices to extend its gains. After the break buyers will lead the yellow metal to 1280 dollars per ounce. A daily closing below 1260 will open the way towards 1250 dollars per ounce.
24_10_2016_xauusd
Brent

Brent futures kept the upbeat tone on Friday. Oil prices partly recovered after a sharp drop on Thursday. The price grew from 51.07 to 51.89 where Brent closed the day. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

If bulls retain control the price will grow to 52.50. We will place sell orders if Brent prices does a breakout at the support level of 51.50 dollars per barrel.

24_10_2016_brent

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