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COMMODITIES TECHNICAL ANALYSIS December.14

Gold

Gold remained reddish on Tuesday. The pair traded in a tight range between 1155 – 1165. The downward pressure persisted as any up-move met sellers’ resistance returning prices to a downside. The resistance is at 1160, the support comes in at 1150 dollars per ounce.

A breakout of 1150 would aim the yellow metal for 1140. A close above 1160 may generate a fresh buying interest for a further advance to 1170 dollars per ounce.
14_12_2016_xauusd
Brent

The tone was negative in the market on Tuesday. After trading in a range between 55.60 – 56.60 dollars per barrel sellers made another attempt to move lower and broke through 55.50. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

A move below 55.50 will extend the benchmark losses. In this scenario sellers may push prices towards 54.50. Alternatively, Brent oil futures may strengthen if they are back above the current resistance.

14_12_2016_brent

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