Gold kept its rangebound stance unchanged yesterday. The price has been trading between 1230 and 1220 for a week. The yellow metal was growing the first part of the day and had reached the upper limit of the band by noon. Gold spot bounced from 1230 and sharply dropped afterwards. The pair touched 1220 in the NY session and bounced again erasing almost all its daily losses. The resistance is at 1230, the support comes in at 1220 dollars per ounce.
The price is likely to stay in a sideways channel today.
Brent traded mixed on Tuesday. Buyers failed to regain 55.50 dollars per barrel. The price jumped upwards from 55.50 at the daily open and reached 56.50 in the early NY hours. Having touched the level the benchmark turned around and moved lower. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.
We expect to see renewed bearish pressure if the price gets below 55.50. Oil prices may decline to 54.50 dollars per barrel.
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