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COMMODITIES TECHNICAL ANALYSIS November.28

Gold

Gold prices were able to recover on Friday and even erased a minor part of their losses. However, the recovery lost its legs around the 1190 level where recovery rejections occurred. The resistance is at 1190, the support comes in at 1180 dollar per ounce.

In order to keep its strength, gold needs to rise back and hold above 1190. The XAU/USD pair may extend its gains and grow to 1210 dollar per ounce.
28_11_2016-xauusd
Brent

Brent oils completed the upside impulse and turned bearish. Sellers pushed the price from the level 49.00 towards 48.50 and 47.50 to 46.50. The price did not reach 46.50 and stopped above it. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

A move below 46.50 will open the way towards 45.50. In the scenario when buyers return in the game oil prices may recover to 48.50.

28_11_2016-brent

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