COMMODITIES TECHNICAL ANALYSIS January.20

Gold

Gold suffered fresh losses during the day on Thursday. Buyers lost steam around 1205 dollars per once and stepped back during the European trades. However, bulls retuned control and pushed the gold spot higher in the North American session. Bulls pushed away from the level 1200 in the NA session and advanced to 1210. The resistance resides at 1210, the support comes in at 1200 dollars per once.

We will preserve our positive outlook in the near term. A daily close above the 1210 level will strengthen the current upward pressure. We expect a renewed buying interest if the XAU/USD pair stays above 1200 dollars per once.

Brent

Market’s negative mood persisted on Thursday. The benchmark remained neutral around 54.50 staying flat-out during the day. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

If the upward pressure remains intact the benchmark will return above 55.50 in the coming sessions. We do not rule out a move downwards. Oil prices may reach 53.50 dollars per barrel in the coming hours.

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