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COMMODITIES TECHNICAL ANALYSIS January.31

Gold

Gold traded mixed on Monday. Traders pushed the price below 1190 and posted the daily low at 1187.86 in the night. They, however, failed to advance below the mark as a fresh buying sentiment emerged giving the strength to buyers to reverse some losses. The resistance resides at 1200, the support comes in at 1190 dollars per ounce.

If buyers fail to hold above the 1190 handle the price may roll back and return to 1185 dollars per ounce. To reverse the recent losses buyers need to retest 1200-1205 region.



Brent

Brent traded mostly sideways on Monday. The benchmark stayed confined within a tight trading range around 55.50 dollars per barrel. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

We will sell Brent if it moves below 54.50. A break above the current resistance will favor an advance up to the 57.50 region.

 

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