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COMMODITIES TECHNICAL ANALYSIS January.23

Gold

Gold prices closed the week bullish. The metal pushed away from 1200 and headed towards 1210 in the European session on Friday. Buyers broke the level in the mid-NA session and closed the day at 1215. The resistance resides at 1210, the support comes in at 1200 dollars per ounce.

A close above 1210 will generate fresh bullish signal for further advance towards 1220 dollars per ounce.



Brent

Bulls fought back control on Friday. The benchmark pushed away from 54.50 at the beginning of the European session and advanced up to 55.50 by the end of the day. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

The benchmark has the potential to post more gains. A break above 55.50 will trigger another leg higher towards 56.50 dollars per barrel.

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