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COMMODITIES TECHNICAL ANALYSIS November.18

Gold

The gold prices seemed fairly balanced, trading sideways yesterday. The yellow metal remained between 1225 and 1230 moving back and forth within the range. The resistance is at 1230, the support comes in at 1225 dollar per ounce.

We prefer to stay neutral until we see a clear break above or below the current range.

18_11_2016-xauusd

Brent

Oil prices traded in a wide range between 47.50 and 46.50 on Thursday. The benchmark added to gains during the European session. After snapping the level 47.50 prices turned around and dropped to 46.50. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

If the bullish tone persists we expect a breakout of the level 47.50 and a move higher. A move below 46.50 will switch the tone back to bearish. In this potential scenario, the price will decline to 45.50.

18_11_2016-brent

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