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COMMODITIES TECHNICAL ANALYSIS January.12

Gold

Gold extended its upward momentum when the pair ran through fresh bids around 1190 dollars per ounce. The metal faced a fresh buying interest and jumped to 1200 in the early NY session. The resistance is at 1200, the support comes in at 1190 dollars per ounce.

We favor a near-term bullish bias. A firm break above 1190 hurdle opened the way towards 1200 and 1210 dollars per ounce.



Brent

Brent reverted some yearly losses on Wednesday. Traders were pushing prices from 53.50 to 54.50 dollars per barrel during the European hours. The benchmark reached 55.50 in the late US session. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

A daily close above 54.50 increased an upward pressure. After the break above the hurdle buyers may move prices towards 55.50, en route to 56.50 dollars per barrel.

 

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