The overall trend is bearish. Gold prices remain rangebound in a thin market. Prices stays in a range between 1130 and 1135 dollars per ounce. The resistance resides at 1140 dollars per ounce, the support comes in at 1130.
The price is likely to extend its losses in the short term. However, we prefer to stay out of trades until holidays are over.
The benchmark closed in green figures last week. Sellers’ attempt to reclaim 54.50 failed. The price faced buyers’ resistance around the level. After touching the level oil prices rolled back and closed the week at 55.25. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.
Brent is likely to extend its gains unless it breaks below 53.50. A daily close below 53.50 will ease the current upward pressure and will send this market to 51.50. If buyers succeed they will return the price to 56.50 dollars per barrel.
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