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COMMODITIES TECHNICAL ANALYSIS December.16

Gold

Gold prices remained under selling pressure on Thursday. Sellers moved the pair lower during the course of the day. They broke 1140 and 1130 dollars per ounce in early trades and snapped 1120 in the mid-Europe session. After touching the level 1120 dollars per ounce the yellow metal rolled back to 1130. The resistance is at 1140, the support comes in at 1130 dollars per ounce.

The price remained within oversold levels. We expect the precious metal to recover to 1135-1140 dollars per ounce. If gold prices move below 1130 the level 1120 will be back to the radar.

16_12_2016_xauusd

Brent

Brent started Thursday with positive tone as oil prices were able to reverse some losses. However, a recovery stalled at 54.50 where a fresh selling interest pushed the benchmark downwards. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

A move below 53.50 will probably return bears in the driver's seat. Sellers may move Brent oil futures to 52.50.

16_12_2016_brent

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