The pair traded mixed on Monday. Gold prices moved lower the first part of the day. The precious metal found some support around 1150 and bounced from the handle. The price surged higher and tested the level 1160. XAU/USD continued struggling hard to break the level during the American hours. The resistance resides at 1160 dollars per ounce, the support comes in at 1150.
Buyers struggle hard to take out the resistance 1160 dollars per ounce. If succeeded they will push the price towards 1170. A move below 1160 will indicate that immediate upward pressure eased. A close below the level will trigger losses towards 1150 and 1145 dollars per ounce.
Brent extended its near-term upward trajectory yesterday. Oil rallied in yearly trades and maintained their bid tone afterwards. The benchmark climbed to 57.50 where the upward impulse faded. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.
We expect the price to roll back on profit taking fallowing the recent rally. Oil prices may weaken below 55.50 and move towards 54.50 dollars per barrel.
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