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COMMODITIES TECHNICAL ANALYSIS January.06

Gold

Gold prices remained under buying pressure on Thursday. Buyers moved the XAU/USD pair higher during the course of the day. Bulls broke 1170 in the early trades and headed towards 1180 later the day. The resistance is at 1180, the support comes in at 1170 dollars per ounce.

The price remained within overbought levels. We expect the precious metal to recover further and will reach 1190 in the short-term.

06_01_2017_xauusd
Brent

Brent started Thursday with positive tone being able to reverse its recent losses. The benchmark broke 56.50 dollars per barrel and trended higher afterwards. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

A move above 57.50 will keep bulls in the driver’s seat. Oil prices may recover further and retest 58.50 in the short-term.

06_01_2017_brent

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