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COMMODITIES TECHNICAL ANALYSIS November.25

Gold

Gold prices remained under selling pressure on Thursday. Sellers moved the pair lower. They broke 1180 and snapped 1170. After touching the level 1170 dollars per ounce the yellow metal retreated. The XAU/USD extended its rebound from the recent lows towards 1190 on Friday. The resistance is at 1190, the support comes in at 1180 dollars per ounce.

The price remains within oversold levels. We expect the precious metal to recover to 1190. A move higher will reinforce buyers’ positions who may extend their gains to 1210 dollars per ounce.
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Brent

Brent prices spent Thursday in a narrow range between 49.20 and 48.70. Oil prices got under selling pressure on Friday. Sellers moved the benchmark lower, the price tested 48.50 post-Europe open. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

A move below 48.50 will probably return bears in the driver's seat. Sellers may move Brent oil futures to 47.50.

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