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COMMODITIES TECHNICAL ANALYSIS February.1

Gold

Market’s positive mood persisted on yesterday's trades. The XAU/USD pair started the day around 1200. Traders pushed the price higher in the European morning. Gold spot spiked upwards ahead of the NY opening. The precious metal rallied through 1210 in the early NY session and extended its gains afterwards. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

The bullish momentum is likely to be regained if gold fixates above 1210 dollars per ounce. Traders aim to test the 1220 hurdle first.



Brent

The benchmark had a positive day on Tuesday. Oil prices remained confined to a well limited range below 55.50 in the early trades. However, a fresh buying pressure emerged in the late European session and pushed the price to the upper limit of the current range. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

A move above 55.50 may extend the benchmark gains. In this scenario buyers will push prices towards 56.50 dollars per barrel. Alternatively, Brent oil futures may soften if they are back below the current support.

 

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