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COMMODITIES TECHNICAL ANALYSIS January.18

Gold

Gold continued its upside impulse on Tuesday. The precious metal jumped to fresh highs breaking through 1210 and touching 1220 dollars per ounce. The resistance is at 1220, the support comes in at 1210 dollar per ounce.

In order to confirm its strength, gold needs to fixate above 1220. Buyers may push the XAU/USD pair to 1230 dollar per ounce.



Brent

Brent extended its bullishness in the early trades on Tuesday. Buyers pushed the benchmark higher and reached 56.50 dollars per barrel in the Asian trades. Brent lost its upward momentum after the level test and the price stayed around 56.50 during the day. Sellers fought back control in the NY session. Oil prices pushed away from 56.50 and dropped to 55.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

If a selling pressure persists a move below 55.50 will open the way towards 54.50 dollars per barrel.

 

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