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COMMODITIES TECHNICAL ANALYSIS November.17

Gold

The XAU/USD pair traded mixed since the recent drop being confined to the tight range between 1230 and 1220 dollars per ounce. The yellow metal tested the level 1230 during the course of the trades but failed to reclaim it. Prices bounced downwards and returned to the low limit of the range. The resistance resides at 1230, the support comes in at 1220 dollars per ounce.

We prefer to stay neutral for now waiting for gold prices to leave the current range.

17_11_2016-xauusd

Brent

Bears seemed to have regained control over the market. The buying momentum lost its leg around 47.50 dollars per barrel. Oil prices bounced from the level and moved lower. Traders tested 46.50 in the North American session. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

Brent oil prices are overbought and we expect them to roll back. Sellers struggled hard to break 46.50 if they succeed prices will move lower towards 45.50 dollars per barrel.

17_11_2016-brent

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