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COMMODITIES TECHNICAL ANALYSIS November.21

Gold

Gold prices had a modestly bullish day. After meeting a barrier at 1200 prices grew to 1215 where bulls exhausted and the price had to return to the 1205 region. The resistance is at 1210, the support comes in at 1200 dollar per ounce.

The 1200 level is a strong psychological barrier. We believe sellers won’t break it soon and expect a moderate recovery to the 1230 region.
21_11_2016-xauusd
Brent

Oil prices maintained their bid tone on Friday. Prices stayed around 46.50 during the day. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

If the buying pressure persists the Brent oil prices might extend their recovery towards 47.50.

21_11_2016-brent

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