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COMMODITIES TECHNICAL ANALYSIS February.27

Gold

The bullish market structure remained in place on Friday. Buyers were pushing the price higher the whole morning and tested 1260 in the mid-US session. The metal bounced off the level and moved downwards erasing almost all daily gains. The resistance is at 1250, the support comes in at 1260 dollars per ounce.

A close above 1260 will generate bullish signal for further advance towards 1270 dollars per ounce. As the spot is overbought we do not rule out a correction to 1245 dollars per ounce.



Brent

Oil prices remained under pressure on Friday. The price moved lower and reached 55.75 where sellers met buyers’ resistance. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

If the price succeeds and fixes below 55.50, the market may start a new move lower and test 55.00 dollars per barrel.

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