Gold prices remained in an upward channel on Tuesday. The price began the Asian session around its upper limit and approached its lower one by the end of the day. The resistance is at 1220, the support comes in at 1210 dollars per ounce.
A close below 1210 may generate fresh bearish signal. The precious metal may extend its downward trajectory to 1200 dollars per ounce. A move above 1215 will return buyers to the market. The price may strengthen to 1225 in this case.
Brent had a negative day on Tuesday. Buyers failed to regain 55.50. The benchmark ran through fresh offers around the level and dropped to 55.15 dollars per barrel. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.
We expect to see renewed bearish pressure if the price remains below 55.50. Oil prices may decline to 53.50 dollars per barrel.
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