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COMMODITIES TECHNICAL ANALYSIS December.19

Gold

Gold prices were able to recover on Friday and erased a minor part of their losses. However, bulls lost their legs around the 1140 level where recovery rejections occurred. The resistance is at 1140, the support comes in at 1130 dollar per ounce.

In order to return its strength, gold needs to rise back and hold above 1160. Thus the downward pressure will persists until the price is below 1160 dollar per ounce.

19_12_2016_xauusd

Brent

Brent extended its recovery from the weekly lows. Buyers broke the level 54.50 and trended towards 55.50. The price just tested the level before the session was over. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

A move below 54.50 will open the way towards 53.50. In the scenario when buyers are back in the game oil prices may recover to 48.50.

19_12_2016_brent

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