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COMMODITIES TECHNICAL ANALYSIS NOVERMBER.07

Gold

Market’s positive mood persisted on Friday. The pair XAU/USD maintained the bid tone and remained onto recent highs. Gold prices traded around 1305 during the day. The resistance is at 1310, the support comes in at 1300 dollar per ounce.

A move above the 1305 mark would suggest a resumption of a bullish trend. The level 1310 is the next buyers’ target. A move below 1300 dollar per ounce will lead the price lower towards 1290.

07_11_2016_xauusd

Brent

Brent oil prices remained under pressure on Friday. The price is in the downward channel, close to its lower end. The benchmark declined from 46.50 to 45.50 during the day. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

A move below 45.50 will open the way towards 44.50. In the scenario when buyers return in the game oil prices may recover towards 47.50.

07_11_2016_brent

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