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COMMODITIES TECHNICAL ANALYSIS January.03

Gold

Gold turned bearish on Friday. The price gave up its recent gains and weakened. Sellers pushed the price from 1160 to 1150 and struggle hard to take out the 1150 handle afterwards. The resistance resides at 1160 dollars per ounce, the support comes in at 1150.

If sellers succeed to break below 1150 they will push the price towards 1140 dollars per ounce. A move below 1140 will indicate that immediate upward pressure eased. A close below the level will trigger losses towards 1130 and 1120 dollars per ounce.
03_01_2017_xauusd
Brent

Despite the overall bullish trend Brent oil prices closed the week in the red. Prices moved away from their recent peaks and declined to the nearest support where they closed the day. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

We expect the price to roll back on profit taking fallowing the recent rally. Oil prices may weaken below 56.50 and move towards 55.50 dollars per barrel. Otherwise we will see the benchmark to return to 57.50 dollars per barrel.

03_01_2017_brent

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