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COMMODITIES TECHNICAL ANALYSIS January.19

Gold

Gold remained bullish on Wednesday. Traders kept the price in near-term directionless mode above 1210 dollar per ounce. The precious metal went back and forth during the course of the trading day on Wednesday. The resistance is at 1220, the support comes in at 1210 dollar per ounce.

We believe that the US dollar will remain under pressure in the short-term. The XAU/USD pair may extend its growth towards 1230 dollar per ounce. A break below 1210 will ease the upward pressure. The metal may ease to 1200 in the upcoming sessions.



Brent

The bullish views are still popular. Brent oil prices remained in an ascending upward channel, trading around its lower limit. Despite the overall positive outlook the benchmark moved lower on Wednesday. Traders led the price from 55.50 to 53.50 which slowed down its downward trajectory. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

If a bearish tone persists we expect a breakout of the level 53.50. A move below 53.50 will ease the upward pressure. A move above 55.50 would revive bullishness towards 57.50 dollars per barrel.

 

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