Gold recovered and reversed some of its early losses yesterday. The price bounced off 1170 and headed towards the 1180 level which tested in the NY session. The resistance resides at 1180, the support comes in at 1170 dollars per ounce.
If the pair breaks 1180 the recovery may be extended towards 1190. Should the yellow metal bounce off the level the price may return to multi-month low at 1160 dollars per ounce.
Bears attempted to control the market on Wednesday. A recovery from 53.50 was stalled round 54.15 where a fresh selling interest sent the market to the price opening. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.
Brent oil prices are overbought and we expect them to extend losses. If sellers break 53.50 prices will move lower towards 52.50 dollars per barrel.
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