Gold prices remained under heavy selling pressure on Friday. The yellow metal made a good break lower moving through a bunch of levels. The XAU/USD met a barrier around 1220. Traders were unable to drive prices lower. The pair bounced off the level and rolled back to 1227. The resistance resides at 1230 dollars per ounce, the support comes in at 1220.
If buyers fail to retake the 1220 level the price may roll back towards the current resistance level. A break above 1230 could extend recovery towards 1250.
Brent oil futures extended their weakness on Friday. After a brief consolidation phase during the Asian session traders pushed prices lower. The benchmark broke 45.50 and tested 44.50 in the NY session. After testing the level prices rolled back but remained under pressure. The resistance is at 45.50, the support comes in at 44.50 dollars per barrel.
We expect the price to extend losses below current support. Sellers may lead the price towards 43.50. Conversely, a recovery towards 46.50 is possible.
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