Gold prices maintained their bullish momentum in Asian trades on Wednesday. However, buyers failed to hold their gains and the market switched to the bearish sentiment ahead of the European session. Sellers seized initiative and pushed the price lower. The resistance resides at 1270 dollars per ounce, the support comes in at 1260.
A move below the current support would suggest a resumption of the bearish trend. Sellers may drag the price to 1250 dollars per ounce.
Brent oil futures extended their losses on Wednesday. The price remained under pressure which ran out of steam in early NY trades. The price met a strong barrier around 49.50 and bounced off the level. Oil prices were able to reverse some of its losses, the price recovered to 50.50. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.
The current recovery is caused by profit-taking. The price may roll back above 50.50 and even reach the 51.50 resistance area. The overall picture is bearish, thus we expect a decline continuation towards 48.50 dollars per barrel.
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