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COMMODITIES TECHNICAL ANALYSIS November.30

Gold

The yellow metal bearish trend remained intact on Tuesday. The XAU/USD stayed in a near-term sideways channel. The price moved up and down between its bands. The resistance is at 1190, the support comes in at 1180 dollars per ounce.

As the most probable scenario, we consider further moving downwards towards the level 1180. Should the price break the handle and sellers will drive the yellow metal to 1170 dollars per ounce.
30_11_2016-xauusd

Brent

Brent prices sharply dropped on Tuesday. Sellers moved the price lower. The benchmark broke the level 47.50 on its way downwards. The selling momentum lost its legs around 46.00. The resistance is at 47.50, the support comes in at 46.50 dollars per barrel.

If the bearish tone persists we expect a breakout of the level 46.50. In this scenario, sellers will move the price to 45.50. However, taking into consideration that Brent oil is oversold and we anticipate a near-term correction towards 47.00.

30_11_2016-brent

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