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COMMODITIES TECHNICAL ANALYSIS November.16

Gold

The dollar momentum continued to fade on Tuesday. The recovery stalled around 1230 dollars per ounce. Even though gold prices remained rangebound they kept trying to grow during the day. The price tried to reclaim 1230 numerous times but was rejected every time. The resistance is at 1230, the support comes in at 1220 dollars per ounce.

A recovery above the 1230 level will favor an advance up to the 1240 region. A failed test of the current resistance will ease the buying pressure sending prices to 1200 dollars per ounce.

16_11_2016-xauusd

Brent

Brent strengthened further on Tuesday sending prices to fresh weekly highs. The benchmark kept climbing the whole day and broke 45.50 and 46.50 on its way upwards. Oil prices extended their gains after breaking the 46.50 level. The black gold approached the level 47.50 in the late North American trades. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

A break above the current resistance will keep bulls in the driver's seat. Buyers will push prices higher towards 48.50. If the level holds Brent oil prices will rebound to the 44.50 support region.

16_11_2016-brent

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