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COMMODITIES TECHNICAL ANALYSIS December.23

Gold

Gold slightly changed on Thursday. The price stayed around 1130 waiting for fresh market movers. The resistance resides at 1140, the support comes in at 1130 dollars per once.

We prefer to stay neutral for now. We expect further sideways trades in the coming days.

23_12_2016_xauusd

Brent

Brent experienced mixed trades on Thursday. The price was moving down in the European session and was able to break 54.50 dollars per barrel. Sellers, however, failed to extend their gains. After posting a daily low at 54.00 the price turned around and returned above 54.50 in the NY session. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

If the upward pressure persists the price will consolidate above 54.50 in the coming sessions. We do not rule out a move downwards caused by buyers’ profit-taking. The price may ease towards 53.50 dollars per barrel.

23_12_2016_brent

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