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COMMODITIES TECHNICAL ANALYSIS December.02

Gold

Gold prices recovered and reversed some of its losses on Thursday. Nevertheless, gold prices remained around 10 month low being under pressure amid a stronger dollar. The resistance resides at 1180, the support comes in at 1170 dollars per once.

Gold prices may extend their gains and reach 1180 in the short term. If they succeed the XAU/USD will extend its recovery towards 1190 dollars per once. Otherwise we will see sellers’ return if the precious metal gets below 1170.
02_12_2016-xauusd
Brent

Oil prices maintained their bullishness on Thursday. Brent extended its gains and was able to break a bunch of levels during the day. The benchmark refreshed multi-month highs at 54.50. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

If the upward pressure persists the price will break 54.50 in the coming sessions. We do not rule out a correction downwards caused by buyers’ profit-taking. The price may ease towards 51.50 dollars per barrel.

02_12_2016-brent

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