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COMMODITIES TECHNICAL ANALYSIS December.05

Gold

Gold prices closed last week in the green despite some negative sentiment during the European hours. The price met a barrier around 1170 and bounced off the level. The resistance resides at 1180 dollars per ounce, the support comes in at 1170.

If buyers fail to retake the 1180 level the price may roll back towards the current support. A break above 1180 may extend recovery towards 1190 dollars per ounce.
05_12_2016-xauusd
Brent

Brent oil futures extended their gains on Friday. After a brief consolidation phase during the Asian session traders pushed prices higher. The benchmark retested 54.50 but failed to reclaim it. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

We expect the price to extend gains above the current support. Buyers may break 54.50 and lead Brent oil prices towards 55.50. Conversely, a softening towards 52.50 is possible.

05_12_2016-brent

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