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COMMODITIES TECHNICAL ANALYSIS January.30

Gold

The overall trend is bullish. Last week decline just partly neutralized the buying pressure. Sellers met a solid barrier at 1180 and failed to reclaim it. The yellow metal bounced from the level upwards and advanced towards 1190. The resistance resides at 1190 dollars per ounce, the support comes in at 1180.

The price is likely to extend its recovery in a short term. After breaking 1190 buyers may extend their gains to 1195 dollars per ounce.



Brent

Brent oil prices turned bearish on Friday. Buyers failed to leave the 56.50 region. A fresh bout of selling pressure dragged the benchmark to 55.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

Brent is likely to extend its losses if it breaks below 55.50. A daily close below the level will ease the current upward pressure sending this market to 54.50 dollars per barrel.

 

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