COMMODITIES TECHNICAL ANALYSIS January.04

Gold

Gold traded mixed on Tuesday. The precious metal was under pressure during the European hours. Sellers pushed prices lower and even made an attempt to regain 1140. However, a fresh wave of gold buying interest supported gold quotes. The XAU/USD pair grew and reversed a minor part of its daily losses at the beginning of the NY session. The resistance is at 1160, the support comes in at 1150 dollars per ounce.

A breakout of 1150 would aim the yellow metal for 1140. On the other hand a close above 1160 may generate a fresh buying interest for a further advance to 1170 dollars per ounce.

Brent

The tone was positive in the market in the European session on Tuesday. The benchmark was moving higher during the day. However, an upward momentum ran out of steam around 58.50. Brent found fresh offers around the level and declined on the back of profit taking. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

A move below 56.50 will extend the benchmark losses. In this scenario sellers may push prices towards 55.50. Alternatively, Brent oil futures may strengthen if they are back above the current resistance.

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