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COMMODITIES TECHNICAL ANALYSIS October.31

Gold

In the medium term, our outlook is positive. Gold prices bounced from 1260 and moved to 1280 dollars per ounce. After testing the level yellow metal rolled back to 1275. The resistance is at 1280, the support comes in at 1270 dollars per ounce.

If gold futures keep rising they will reach the levels 1280 and 1285.
31_10_2016_xauusd
Brent

The bearish scenario prevailed on Friday. Brent oil futures started the day around 50.50 and moved towards 49.50 by the end of the day. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.

If the bearish tone persists we expect a breakout of the current support. In this potential scenario bears will lead the price towards 48.50.

31_10_2016_brent

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