Gold prices turned lower yesterday. Buyers were unable to take out the mark 1305 dollars per ounce and after several unsuccessful attempts to retake it the pair fell. Sellers pushed the price to the level at 1280 which slowed down its downward trajectory for a while. After rolling back bears made another attempt to regain the level and succeeded this time. After the break the yellow metal headed to 1275. The resistance resides at 1290, the support comes in at 1280 dollars per ounce.
We believe the downward impetus will remain intact in the short-term. A break below 1280 suggests further weakness towards 1270 dollars per ounce.
Brent traded mixed on Monday. The price gapped upwards and reversed some losses during the European trades. However, Brent oil futures encountered selling pressure right after NY opening. The price turned around at 49.50 and dropped to 45.50. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.
A bearish continuation through 45.50 should lead to a continued slide, with 44.50 dollars per barrel as the first probable target.
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