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COMMODITIES TECHNICAL ANALYSIS February.14

Gold

Bears remained in control on Monday. The precious metal faced further downside pressure in the night trades. Traders drove the price towards 1220 and touched the handle in the NY session. The XAUD/USD pair bounced off the level and grew reversing a minor part of its losses. The resistance resides at 1230, the support comes in at 1220 dollars per ounce.

A daily close below 1220 will ease the upward pressure further. The next sellers’ target is 1210 dollars per ounce.



Brent

Brent opened on a weaker note and remained under intense selling pressure on Monday. Sellers moved the price from 56.50 towards 55.50 dollars per barrel yesterday. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

Should Brent futures break below 55.50 the benchmark will continue its selling momentum. A failure here will return prices to 56.50 dollars per barrel.

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