Gold remained under pressure. A fresh selling interest pushed gold prices lower. The pair broke 1170 and moved to 1165 where the downward impetus faded. The resistance is at 1170, the support comes in at 1160 dollar per ounce.
We believe that the yellow metal will remain under pressure. However, we expect a minor correction towards the 1175 region today.
Oil prices were higher on Thursday. Buyers broke the level 53.50 and headed towards 54.50 dollars per barrel. However, the upward trajectory faced sellers' resistance around 54.00. Brent slowed down and slightly rolled back. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.
If the bullish tone persists we expect a breakout of the level 54.50 and a move higher. A move below 53.50 will switch the tone back to bearish. In this potential scenario, the price will decline to 52.50 dollars per barrel.
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