The bullish market structure remained in place on Friday. Buyers met a barrier at 1230 and spent the day trying to break it through. The resistance is at 1230, the support comes in at 1220 dollars per ounce.
A close above 1230 will generate a fresh bullish signal for further advance towards 1240 dollars per ounce. As the spot is overbought we do not rule out a correction to 1220-1215 dollars per ounce.
Oil prices remained under pressure on Friday. Buyers’ attempt to recover lost steam at 52.15 dollars per barrel. The benchmark reversed its direction and edged lower. Sellers returned black gold to 51.50. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.
If the price succeeds and fixes below 51.50, the market may start a new move lower and test 50.00 dollars per barrel.
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