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COMMODITIES TECHNICAL ANALYSIS December.1

Gold

The U.S. currency maintained control of the flows. The price weakened through 1180 to 1170 where a selling momentum lost its strength. The resistance is at 1180, the support comes in at 1170 dollars per ounce.

We favor a near-term bearish bias. A firm break below 1170 handle would open 1160 and 1150 dollars per ounce.
01_12_2016-xauusd
Brent

Oil prices held a bullish tone on Wednesday. The benchmark opened the day with a gap and extended its gains afterwards. The price broke several levels and jumped to fresh weekly highs. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

A daily close above 50.50 will support the upward pressure. Buyers may strengthen further and lead Brent oil futures to 51.50.

01_12_2016-brent

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