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COMMODITIES TECHNICAL ANALYSIS December.07
2016-12-07 08:21:40
Gold
Gold remained in a descending channel, trading around its lower boundary. Having bounced from 1160 the pair was unmoved trading in a tight range on Tuesday. The resistance is at 1180, the support comes in at 1170 dollars per ounce.
A recovery above the 1180 level will favor an advance up to the 1190 region. A failed test of the current resistance will ease a buying pressure and may send prices to 1160 dollars per ounce.
Brent
Brent weakened and erased a minor part of its gains on Tuesday. The ongoing decline could be attributed to some profit taking from bulls following a recent rally. The benchmark moved below 54.50 and tested 53.50 dollars per barrel in the NY session. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.
A break below the current support will strengthen sellers’ positions. Sellers may drive Brent prices to 52.50 and 51.50.
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