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COMMODITIES TECHNICAL ANALYSIS November.23

Gold

Gold completed an upside impulse and weakened on yesterday's trades. Sellers drove prices from 1220 to 1210. However, they just pierced the level and failed to reclaim it. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

A breakout of 1210 would aim the yellow metal for 1200. A close above 1215 may generate fresh bullish signal for further advance to 1220 dollars per ounce.
23_11_2016-xauusd
Brent

The tone was negative in the market on Tuesday. The price retreated from its recent high and moved lower. Brent prices dropped to 48.50 where the benchmark met a strong barrier which rejected prices right after the test. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

A move below 48.50 will extend Brent losses. In this scenario sellers may push prices towards 49.50. Alternatively, Brent oil futures may strengthen if they are back above the current resistance.

23_11_2016-brent

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