The XAU/USD pair jumped to a fresh weekly high of 1336 after Donald Trump's victory. After refreshing monthly highs golden prices fell to the level 1300 first and after a brief pause continued moving lower. The yellow metal tested the level 1270 by the end of the day. The resistance is at 1280, the support comes in at 1270 dollars per ounce.
We expect a growth on the back of profit taking. The XAU/USD pair may return above 1280 dollars per ounce in the short-term.
Oil prices switched the bearish tone to bullish one at yesterday’s trades. Having refreshed weekly lows at 44.50 Brent futures bounced off the level and headed towards 46.50. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.
A daily close above 46.50 will ease the downward pressure. Buyers may strengthen and lead Brent oil futures to 47.50.
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