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COMMODITIES TECHNICAL ANALYSIS November.03

Gold

Gold prices extended their near-term bullish momentum. Buyers pushed the price higher. The pair managed to test the level 1310 when the upward momentum faded and the price rolled back. The resistance is at 1300, the support comes in at 1290 dollars per ounce.

We expect a decline on the back of profit taking. The XAU/USD pair may return below 1290 till the end of the week.
03_11_2016_xauusd
Brent

Oil prices remained in red figures on Wednesday. The price was declining the whole day. Sellers broke the level 47.50 dollars per barrel and tested 46.50. Having tested the level the price turned around, reversing some of its losses. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

A daily close above 47.50 will ease the downward pressure. Buyers may strengthen and lead Brent oil futures to 48.50.

03_11_2016_brent

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