The yellow metal bearish trend remained intact on Tuesday. Sellers extended their previous gains and tried to break 1130 dollars per ounce. The downward momentum lost its legs at 1125. After touching the mark the pair rolled back above 1130. The resistance is at 1140, the support comes in at 1130 dollars per ounce.
As the most probable scenario, we consider further moving downwards towards the level 1120.
Brent futures had a positive day on Tuesday. The benchmark erased all its previous losses and posted a fresh weekly high at 55.91. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.
If the bullish tone persists we expect a breakout of the level 55.50. In this scenario, bulls will move the price to 56.50. However, taking into consideration that Brent oil is overbought we anticipate a near-term correction towards 53.50.
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