Gold prices enjoyed mixed trades on Thursday. The pair faced selling pressure around 1310 dollars per ounce. The price sharply dropped below 1290 where the downward momentum faded. The yellow metal bounced from the mark 1285 and returned to the opening price level. The resistance is at 1310, the support comes in at 1300 dollars per ounce.
The price remains within overbought levels. Yesterday’s recovery did not have a leg. We expect the price to weaken. Gold prices may decline towards 1280 dollars per ounce.
The Brent oil price maintained its bearish tone yesterday. Sellers pushed the price lower. Sellers broke the level 46.50 dollars per barrel and edged lower. The price met a barrier around 46.00 which stopped its further losses. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.
If Brent futures consolidate below 46.50 the price will extend its losses towards 45.50 dollars per barrel. A move higher and a daily close above 47.50 will ease the downward momentum, opening the way towards 48.50.
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