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COMMODITIES TECHNICAL ANALYSIS December.15

Gold

Gold prices made lower on Wednesday. The yellow metal was able to reverse some of its previous losses in the yearly trades. The XAU/USD pair grew and broke the level 1150 but failed to extend its further gains. The pair fell to 1140 in the NA session. The resistance is at 1150, the support comes in at 1140 dollar per ounce.

Technical readings favor another leg lower. The level 1140 is the first obstacle on the sellers' way. Should the price break the level and the sellers will extend their gains towards 1130 dollar per ounce.

15_12_2016_xauusd

Brent

The bearish scenario prevailed on Wednesday. Oil prices stayed below 55.50 during the day. Buyers met sellers’ resistance on every attempt to return above the level. The benchmark fell below 54.50 and tested 53.50 in the NA session. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

As the most probable scenario, we expect a technical slide towards the 52.50 level. If sellers succeed the benchmark will decline to 51.50 dollars per barrel.

15_12_2016_brent

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