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COMMODITIES TECHNICAL ANALYSIS December.30

Gold

A fresh buying interest pushed gold prices higher and the metal was able to reach 1150 dollar per ounce. However, a bid tone faded right after the 1150 hurdle test. The precious metal bounced off the level and slightly softened in the NY session. The resistance is at 1150, the support comes in at 1140 dollar per ounce.

We believe that the yellow metal will remain under pressure. However, the XAU/USD pair may extend its recovery towards 1160 dollar per ounce.

30_12_2016_xauusd

Brent

Oil prices were higher on Thursday. Buyers reversed the recent sell-off and returned prices to 56.50 where the upward trajectory faced sellers' resistance. Brent slowed down and slightly rolled back keeping struggling with the level. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

If the bullish tone persists we expect a breakout of the level 56.50 and a move higher. A move below 54.50 will ease the upward pressure. In this potential scenario, Brent may decline to 52.50 dollars per barrel.

30_12_2016_brent

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