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COMMODITIES TECHNICAL ANALYSIS November.01

Gold

Gold prices traded mixed on Monday. The XAU/USD pair was under pressure during the day. Sellers pushed the price to the level 1270. After touching the level the price bounced upwards. The resistance is at 1280, the support comes in at 1270 dollar per ounce.

Once we break above the 1280 level, we think that 1285 will be next.
01_11_2016_xauauusd
Brent

Brent oil futures remained under heavy selling pressure on Monday. Sellers led the price from 50.50 to 48.50 through 49.50. The downward momentum faded below 48.50. The resistance is at 48.50, the support comes in at 47.50 dollars per barrel.

As the most probable scenario, we expect a technical correction towards the 49.00 level.

01_11_2016_brent

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