Gold prices made higher on Wednesday. The yellow metal was able to reverse some of its previous losses during the day. The XAU/USD pair grew and broke the level 1160 in the Asian session. Buyers extended their gains after the break and headed to 1170 which tested ahead of the NY opening. The resistance is at 1170, the support comes in at 1160 dollar per ounce.
A break above 1170 will help gold prices to maintain bullish bias. In this scenario the XAU/USD pair may recover to 1180 dollar per ounce. A return below 1150 will signal that the current correction is over.
Brent oil prices remained neutral on Wednesday following the recent sharp sell-off. An attempt to recover failed in the Asian session and a fresh selling interest during the European hours returned the benchmark to the opening prices. A fresh bout of buying pressure in the NA session supported Brent which was able to develop an upward momentum towards 56.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.
As the most probable scenario, we expect a return to the 56.50 level. A cut here will open the way to 57.50.
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