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COMMODITIES TECHNICAL ANALYSIS October.28

Gold

The pair preserved moderately bullish tone on yesterday’s trades. The XAU/USD pair was recovering during the European hours. Buyers managed to test 1270 dollars per ounce, however, they failed to reclaim the level. Sellers pushed the price lower, below 1270. The resistance is at 1270, the support comes in at 1260 dollars per ounce.

A move below the 1265 mark would suggest a resumption of a bearish trend. The level 1260 dollars per ounce is the next sellers’ target.
28_10_2016_xauusd
Brent

Brent oil prices traded mixed on Thursday. The oil quotes were strengthening during the day. Buyers led the price above the resistance 50.50. Buyers failed to hold their gains and lost the initiative. Sellers returned in the game and returned prices below 50.50. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.

A move below 50.50 will extend selling momentum. Sellers will move oil prices towards 49.50. Alternatively, Brent oil futures may strengthen if they are back above the current resistance.

28_10_2016_brent

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