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COMMODITIES TECHNICAL ANALYSIS January.17

Gold

Gold kept the upbeat tone unchanged vs. the US dollar on Monday. Buyers broke the level 1200 in the early trades and pushed the price higher afterwards. The XAU/USD almost reached 1210 when the gold spot came across fresh offers and dropped back to 1200. The resistance resides at 1210, the support comes in at 1200 dollars per ounce.

If buyers fail to retake the 1210 hurdle the price may roll back and return to 1190 dollars per ounce. After a close above 1210 buyers may extend their gains towards 1220 dollars per ounce.



Brent

Brent traded mostly sideways on Monday. The benchmark stayed confined within a tight trading range around 55.50 dollars per barrel. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

We will buy Brent until it stays above 54.50. A break above the current resistance will favor an advance up to the 57.50 region. A daily close below 55.50 would risk 53.50 dollars per barrel.

 

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