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COMMODITIES TECHNICAL ANALYSIS January.11

Gold

The near-term upward channel remained intact on Tuesday. Sellers extended their previous gains and tested the 1190 dollars per ounce. The pair found fresh offers around 1190 and declined after the level test. The resistance is at 1190, the support comes in at 1180 dollars per ounce.

As the most probable scenario, we consider moving downwards towards the level 1160 dollars per ounce.



Brent

Brent futures had a negative day on Tuesday. Brent was able to reverse a minor part of its losses and grew to the 55.50 hurdle by the US session opening. A fresh selling interest dragged the benchmark below 54.50 towards the 53.00 handle in the NY session. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

If the bearish tone persists we expect a consolidation below 54.50 and further advance towards 53.50 and 52.50 dollars per barrel.

 

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