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COMMODITIES TECHNICAL ANALYSIS February.7

Gold

Gold extended its upward momentum on Monday. A fresh buying interest emerged at the daily open. The price broke 1220 in the early hours. The metal failed to maintain its bid tone right after the break and slightly softened. A buying interest returned in the European session. Gold prices extended their bullish rally and had touched 1230 by the NY opening. The resistance is at 1230, the support comes in at 1220 dollars per ounce.

We favor a near-term bullish bias. A firm break above 1230 hurdle may open the way towards 1240 dollars per ounce.



Brent

Brent turned bearish and erased some yearly gains on Monday. The price fluctuated in a tight range between 56.70 and 57.00 in the Asian session. A selling pressure emerged at the European open and pushed the price to 56.50 dollars per barrel. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

A daily close below 56.50 may increase a downward pressure. After a break below the hurdle sellers may move prices towards 55.50, en route to 54.50 dollars per barrel.

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