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COMMODITIES TECHNICAL ANALYSIS January.13

Gold

Gold suffered some losses on Thursday. Buyers lost steam around 1210 dollars per once. Inability to grow higher turned the pair around. The XAU/USD pair weakened to 1190. The resistance resides at 1200, the support comes in at 1190 dollars per once.

We will preserve our positive outlook until the gold spot stays above 1180. A daily close below the level will ease the upward pressure, returning the precious metal to a downside. We may expect a renewed buying pressure if the pair breaks above 1200 dollars per once.



Brent

Market’s positive mood persisted on Thursday. Buyers led the price higher and reached the level 56.50 dollars per barrel ahead of the NY opening. Bulls failed to break the hurdle and slightly rolled back afterwards. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

If the upward pressure persists the benchmark will consolidate above 56.50 in the coming sessions. We do not rule out a move downwards caused by buyers’ profit-taking. The price may ease towards 53.50 dollars per barrel.

 

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