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COMMODITIES TECHNICAL ANALYSIS February.17

Gold

The bullish market structure remained in place on Thursday. Gold prices remained under buying pressure the whole day. Buyers were driving the XAU/USD pair higher and touched 1240 in the NA session. The resistance is at 1240, the support comes in at 1230dollars per ounce.

The metal remained within overbought levels. We expect a retracement to 1235 -1230 dollars per ounce in the upcoming sessions.



Brent

Brent traded mixed on Thursday staying in its familiar range between 55.50 and 56.20. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

A move above 56.50 will keep bulls in the driver’s seat. A move below the range will erase all its previous gains.

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