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COMMODITIES TECHNICAL ANALYSIS March.10

Gold

Gold had another negative day on Thursday. The price was declining the whole day. Buyers had a chance to reverse some losses in the noon. However, they failed to develop any meaningful recovery. Sellers returned control and pushed the spot lower. The XAU/USD pair tested 1200 in the late NY session. The resistance is at 1210, the support comes in at 1200 dollars per ounce.

The metal remained within oversold levels. We expect a break below 1200 and continuation of s slide towards 1190 dollars per ounce.



Brent

After finding a barrier at 51.50 Brent lost steam to go further. The level rejected the price which rallied to 52.50. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

A move above 52.50 will ease the downward pressure. A move below 51.50 will risk 50.50 dollars per barrel.

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