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COMMODITIES TECHNICAL ANALYSIS December.06

Gold

The bearish trend remained intact on Monday. Gold prices continued heading lower. After a short lived recovery on Friday the pair dropped and erased all its recent gains. Traders pushed the price below 1170 dollars per ounce and touched 1160 during the NY session. The resistance resides at 1170 dollars per ounce, the support comes in at 1160.

The price is likely to extend its losses in the short term. After breaking 1160 the XAU/USD will trend to 1150 dollars per ounce.
06_12_2016-xauusd
Brent

The benchmark remained in green figures yesterday. After a short consolidation phase buyers broke the level 54.50 and almost reached 55.50 dollars per barrel. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

We expect the price to break the current resistance. In this scenario bulls may lead the price to 56.50 dollars per barrel. On the other hand we do not rule out a correction downwards on profit-taking. Prices may slide to 52.50.

06_12_2016-brent

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