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COMMODITIES TECHNICAL ANALYSIS November.02

Gold

Bulls fought back control and maintained bullish momentum during the day. Gold prices moved higher, breaking through 1280 on its way upwards. The upward momentum faded around 1290 dollars per once. After snapping the level gold prices slightly rolled back. The resistance resides at 1290, the support comes in at 1280 dollars per once.

Buyers may try to reclaim the 1290 level. If they succeed the XAU/USD will extend its gains towards 1300 dollars per once. If the level holds the yellow metal will weaken towards 1275.
02_11_2016_xauusd
Brent

Brent oil futures traded mixed on Tuesday. Oil prices slightly recovered in the Asian and European sessions. Brent moved lower at the beginning of the NY session. Sellers dragged the price below 48.50. The resistance is at 48.50, the support comes in at 47.50 dollars per barrel.

If the downward pressure persists the price will test 47.50. Otherwise, buyers will push oil futures towards 49.00.

02_11_2016_brent

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