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COMMODITIES TECHNICAL ANALYSIS March.13

Gold

Gold finally found support on Friday and managed to reverse some losses. The yellow metal pushed away from 1195 dollars per ounce and headed north. Buyers broke 1200 and stopped at 1205 dollars per ounce. Despite positive sentiment around the metal the price remained in the red zone. The resistance resides at 1210, the support comes in at 1200 dollars per ounce.

The price is likely to extend its losses in a short term. However, buyers will return some ground first. The XAU/USD pair may reach 1210 – 1215 region in the coming sessions.



Brent

Brent oil prices moved lower on Friday. Thursday’s recovery stalled at 53.00 dollars per barrel. A fresh selling interest helped sellers to regain control. They returned the benchmark below 52.50 and led the price to 51.50 afterwards. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

We expect a pull back before a new leg lower. The level 50.50 dollars per barrel is the next sellers’ target.

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