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COMMODITIES TECHNICAL ANALYSIS November.11

Gold

Sellers maintained control and extended bearish momentum during the day. Gold prices moved lower, breaking through a bunch of levels and refreshing monthly low at 1250. The resistance resides at 1260, the support comes in at 1250 dollars per once.

Gold prices may toll back and return above 1260 in the short term. If they succeed the XAU/USD will extend its recovery towards 1270 - 1275 dollars per once.

11_11_2016-xauusd

Brent

Brent oil futures traded mixed on Thursday. Oil prices slightly recovered in the Asian session and moved lower during the European and North American hours. Yesterday’s recovery was stalled around 46.50 where prices turned around and dropped to 45.50. The resistance is at 46.50, the support comes in at 45.50 dollars per barrel.

If the downward pressure persists the price will test 45.50 first and moves lower towards 44.50 afterwards.

11_11_2016-brent

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