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COMMODITIES TECHNICAL ANALYSIS February.24

Gold

Gold left its sideways channel on Thursday. The precious metal remained in the range the first part of the day. A fresh buying interest emerged in the mid-European session. Gold spot jumped through 1240 and rallied to 1250 afterwards. The resistance is at 1250, the support comes in at 1240 dollars per ounce.

As the most probable scenario, we consider moving upwards towards the level 1260 dollars per ounce. The uptrend is still intact, any decline we consider corrective.



Brent

Brent oil prices traded mixed on Thursday. The price was moving up the first part of the day. Traders pushed the benchmark to 57.20 where black gold met a downward rejection. The price turned bearish and dropped back to 56.50 dollars per barrel. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

If the bearish tone persists we expect a return into a familiar range 56.00 – 55.00 dollars per barrel. Should Brent futures stays above 56.50 the benchmark has a chance to retest 57.50 again.

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