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COMMODITIES TECHNICAL ANALYSIS January.27

Gold

Gold prices remained under selling pressure on Thursday. Sellers were driving the XAU/USD pair lower during the course of the day. Bears pushed away from 1200 during European morning trade and headed to 1190 dollars per ounce. Gold spot broke the handle in the mid-European session and advanced to 1184 where the price stopped and rolled back to 1190. The resistance is at 1190, the support comes in at 1180 dollars per ounce.

The metal remained within oversold levels. We expect some recovery to the 1195 dollars per ounce region now.



Brent

Brent started Thursday with slightly positive tone. Oil prices edged higher, however, the benchmark remained in a flat by the North American session opening. The benchmark sharply jumped to the 56.50 hurdle which limited its further advance.  The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

A move above 56.50 will keep bulls in the driver’s seat. Oil prices may recover further and retest 57.50 in the short-term.

 

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