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COMMODITIES TECHNICAL ANALYSIS January.10

Gold

Gold extended its recovery and reversed last week losses on Monday. The recovery, however, was weak and stalled around 1185 dollars per ounce where the yellow metal met a downward rejection. The pair rolled back after that and returned to 1180. The resistance resides at 1190, the support comes in at 1180 dollars per ounce.

We expect the price to keep strengthening and will reach 1190 dollars per ounce soon.



Brent

Brent opened on a weaker note and remained under intense selling pressure the whole day. Sellers broke 56.50 and 55.50 and stopped a few pips above 54.50 dollars per barrel. The benchmark found some solid support and bounced off the handle reversing a minor portion of its daily losses. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

Should Brent futures break above 55.50 the benchmark will continue its buying momentum. A failure here will return prices below 54.50 dollars per barrel. Sellers may drive Brent prices to 53.50 in the short-term.

 

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