The pair held a bullish tone on Monday. Buyers managed to break 1210 and led the price to 1220 where the upward impetus lost its legs. Gold prices rolled back to 1210 where they closed the day. The resistance resides at 1220 dollars per ounce, the support comes in at 1210.
Sellers struggle hard to take out the resistance 1220 dollars per ounce. If succeeded they will push the price towards 1230. A move below 1210 will indicate that immediate upward pressure eased. A close below the level will trigger losses towards 1200.
Brent extended its near-term upward trajectory yesterday. Oil prices gapped higher and maintained their positive tone afterwards. The benchmark climbed to 49.00 where the upward impulse faded. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.
We expect the price to roll back on profit taking fallowing the recent rally. Oil prices may weaken below 48.50 and move towards 47.50 dollars per barrel.
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