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COMMODITIES TECHNICAL ANALYSIS January.24

Gold

Bulls remained in control on Monday. Buyers failed to retake 1220 in the early trades and had to retreat. The price eased to the 1210 handle which limited its losses. The level appeared to be a solid support and rejected the XAU/USD pair upwards. The resistance resides at 1220, the support comes in at 1210 dollars per ounce.

We expect the price to keep strengthening and will reach 1230 dollars per ounce in the coming days.



Brent

Brent opened on a weaker note and remained under intense selling pressure the first part of the day. Sellers moved the price from 55.50 towards 54.50 dollars per barrel. Sellers lost their strength around the level. The benchmark bounced off and returned to the opening prices erasing all daily losses. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

Should Brent futures break above 55.50 the benchmark will continue its buying momentum. A failure here will return prices below 54.50 dollars per barrel. Sellers may drive oil prices to 53.50 in the short-term.

 

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