Technically the U.S. currency maintained control of the flows. Despite the dollar strength gold managed to reverse some of its losses. Traders pushed the price above 1135 but failed to move higher. The precious metal faced a fresh selling interest around the mark and returned to the 1130 support region. The resistance is at 1140, the support comes in at 1130 dollars per ounce.
We favor a near-term bearish bias. A firm break below 1130 handle would open 1120 and 1110 dollars per ounce.
Oil prices held a bearish tone on Wednesday. The benchmark opened the day higher but failed to extend its gains. The level 55.50 turned out to be a hard nut to crack – the level rejected the benchmark downwards. Brent oil prices declined towards 54.50 in the NY session. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.
A daily close below 54.50 will increase a downward pressure. After the break sellers may move prices to 53.50 dollars per barrel. A close below the level will neutralize the near-term positive sentiment in the market.
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