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COMMODITIES TECHNICAL ANALYSIS January.16

Gold

The overall trend is bullish. Gold prices remained rangebound in a thin market. Prices stayed in a range between 1200 and 1190 dollars per ounce. The resistance resides at 1200 dollars per ounce, the support comes in at 1190.

The price is likely to extend its gains in a short term. After breaking 1200 buyers may extend their gains to 1210 dollars per ounce.



Brent

Brent oil prices turned bearish on Friday. Buyers failed to break above 56.50. The level rejected the benchmark downwards. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

Brent is likely to extend its gains if it breaks above 56.50. A daily close above the level will ease the current downward pressure and will send this market to 57.50 dollars per barrel.

 

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