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COMMODITIES TECHNICAL ANALYSIS April.3

Gold

Gold finally found support on Friday and managed to reverse some losses. The metal was neutral the first part of the day. The pair became more active at noon. The yellow metal pushed away from 1240 dollars per ounce and headed north. XAU/USD was rallying the second part of the day. Buyers approached 1250 and stopped after touching the level. The resistance resides at 1250, the support comes in at 1240 dollars per ounce.

Buyers are trying hard to return to the upward channel. However, they need to reclaim 1250 first. Having broken the level they may reach 1260. Otherwise, sellers will return and will push the price to 1230 dollars per ounce.



Brent

Brent oil prices stayed in a flat on Friday. The benchmark traded neutral-to-lower the whole day. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

Buyers need to stay above 52.50 to maintain control. The hurdle 53.50 is their first target. Conversely, a move below 52.50 will open the way to 51.50 dollars per barrel.

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