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COMMODITIES TECHNICAL ANALYSIS February.3

Gold

The near-term upward channel remained intact on Thursday. Buyers kept pushing the precious metal higher and broke 1220 in the first part of the day. After breaking the level bulls advanced up to 1225 where the price came across with a fresh selling interest. The yellow metal turned around and returned below 1220 in the NA session. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

As the most probable scenario, we consider moving downwards towards the level 1210 dollars per ounce. The uptrend is still intact, the current decline we consider corrective.



Brent

Brent oil prices traded mixed on Thursday. The price was moving up the first part of the day. Traders pushed the benchmark to 57.50 where black gold met a barrier. The price reversed its direction and dropped back to 56.50 dollars per barrel. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

If the bearish tone persists we expect a return into a familiar range 56.00 – 55.00 dollars per barrel. Should Brent futures stays above 56.50 the benchmark has a chance to test 57.50 again.

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