Gold extended its bearish momentum on Wednesday. Traders kept pushing the spot lower the whole day. The price broke 1250 in the early Asian trades and extended its bearishness down to 1240 dollar per ounce. Sellers met a strong barrier at the level and retreated giving the way to buyers. After testing the level the pair reversed some of its daily losses. The resistance is at 1250, the support comes in at 1240 dollar per ounce.
We believe that the precious metal will remain under pressure in the short-term. The XAU/USD pair may extend its weakness towards 1230 dollar per ounce.
Despite the yesterday’s gap and positive sentiment the bearish views are still popular in the market. Brent failed to extend its gains above 57.00 and moved back to 56.50 dollars per barrel. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.
The bearish momentum is likely to be regained. Our profit targets are 56.00 and 55.50 dollars per barrel. Brent aims to fill the current gap.
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