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COMMODITIES TECHNICAL ANALYSIS January.26

Gold

The yellow metal continued to lose its value on Wednesday. The price pushed away from 1210 dollars per ounce at the daily open and headed south afterwards. Sellers met the first obstacle at 1200 which limited their advance for a while. Fresh selling interest pushed gold spot lower ahead of the NA opening. Bears broke the level 1200 and drove the metal to 1190. The resistance resides at 1200, the support comes in at 1190 dollars per ounce.

A move below 1190 will strengthen buyers who may break the handle to slide further. If the level holds the XAU/USD  pair may bounce off the support and return to 1210 dollars per ounce.



Brent

The neutral phase that started last week is still intact. The price traded confined to a tight range between 55.00 and 55.50. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

A break above 55.50 will trigger the next leg of move for Brent. Conversely, a renewed bearish pressure may lead oil prices to 54.00 dollars per barrel.

 

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