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COMMODITIES TECHNICAL ANALYSIS March.17

Gold

The upward bias remained in place on Thursday. Buyers failed to retake 1230. Any bulls attempt to break above the level faced sellers' resistance. After several attempts to break through buyers gave up and gave the way to sellers. The resistance is at 1230, the support comes in at 1220 dollars per ounce.

As the most probable scenario, we consider moving upwards towards the level 1240 dollars per ounce. However, the spot is overbought and we wait for a correction to 1215.



Brent

Brent oil prices traded mixed on Thursday. The price was moving upwards in the night and met a barrier at 52.50 in the morning. The upward momentum faded right after the level test. The benchmark pulled back and returned to 51.50 in the New York session. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

If the bearish tone persists we expect a return below 51.50 dollars per barrel.

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