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COMMODITIES TECHNICAL ANALYSIS November.15

Gold

The bearish trend remained intact on Monday. Gold prices continued to head lower. After a short lived recovery during the Asian session the pair erased some of its recent losses. Traders recovered to 1225 dollars per ounce but failed to move higher. The yellow metal reversed and moved lower post-European open. Traders again broke 1220 and drove prices lower to 1210. The resistance resides at 1220 dollars per ounce, the support comes in at 1210.

The price is likely to extend its losses in the short term. After breaking 1210 the XAU/USD will trend to 1200 dollars per ounce.

15_11_2016-xauusd

Brent

The benchmark remained in red figures yesterday. After a short consolidation phase in the first part of the day sellers broke the level 44.50. After the break oil prices continued to advance south, approaching 43.50. The resistance is at 44.50, the support comes in at 43.50 dollars per barrel.

We expect the price to break the current support. In this scenario sellers may lead the price to 42.50 dollars per barrel.

15_11_2016-brent

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