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COMMODITIES TECHNICAL ANALYSIS December.29

Gold

The yellow metal continued to lose value on Wednesday. Sentiment remained negative and the price softened against the background of the US dollar strengthening. Sellers led prices below 1140 dollars per ounce in the European session and stopped around 1135 mark in the NY one. The resistance resides at 1140, the support comes in at 1140 dollars per ounce.

A move towards 1130 will strengthen sellers who may return to multi-month low at 1120 dollars per ounce.

29_12_2016_xauusd

Brent

Market’s positive mood persisted on Wednesday. Buyers managed to lead the price from 56.00 to 55.00 dollars per barrel which slowed down their advance. The resistance is at 56.50, the support comes in at 56.50 dollars per barrel.

A break above 56.50 will trigger the next leg of move for the pair. A renewed bearish pressure may lead oil prices to 57.50 dollars per barrel.

29_12_2016_brent

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