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COMMODITIES TECHNICAL ANALYSIS March.15

Gold

Gold was flat during the day on Tuesday. The price stayed in a narrow channel and moved up and down between its bands. The mark 1205 was the upper limit of the channel, the 1200 handle was its lower one. Gold futures sharply dropped in the late North American Session. The resistance is at 1200, the support comes in at 1190 dollars per ounce.

The bearish momentum is likely to be regained if gold fixates below 1205 dollars per ounce.



Brent

The benchmark had a negative day on Tuesday. The price was growing the first part of the day. Buyers managed to reach 51.50 in the morning. A fresh selling pressure emerged in the late European session and pushed the price to 50.50 dollars per barrel. Sellers failed to lead the benchmark lower and stopped at the level. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

A move below 50.50 may extend the benchmark losses. In this scenario sellers will push prices towards 49.50 dollars per barrel. Alternatively, Brent oil futures may recover if they are back above 51.00.

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