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COMMODITIES TECHNICAL ANALYSIS December.20

Gold

Gold slightly recovered and reversed some of its losses on Monday. The recovery, however, was weak and stalled around 1140 where the yellow metal spent almost the whole day. The resistance resides at 1140, the support comes in at 1130 dollars per ounce.

We expect the price move from 1140 and will break the current handle at 1130. After the break sellers may extend their gains towards 1120 dollars per ounce.

20_12_2016_xauusd

Brent

Brent had a negative day on Monday. Friday’s recovery met a strong barrier at 55.50. After facing rejection the price moved lower and stopped at 55.00. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

Should Brent futures break 55.50 the benchmark will continue its buying momentum. A failure here will return prices below 54.50. Sellers may drive oil prices to 53.50 in the short-term.

20_12_2016_brent

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