Gold opened on a positive note on Monday. Traders pushed away from 1230 and were able to drive the price higher. They managed to reach 1240 where they met sellers’ resistance and had to retreat. The resistance resides at 1240, the support comes in at 1230 dollars per ounce.
If buyers fail to hold above the 1230 handle the precious metal may return to 1220 dollars per ounce. To extend its bullishness buyers need to retake 1240.
Bulls fought back control for a while on Monday. The price was rallying the whole night and tested 56.50 in the morning. Buyers failed to break higher and retreated from the obstacle. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.
We will buy Brent if it breaks above 56.50. A break below the current support will favor a leg lower to the 56.00 region.
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