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COMMODITIES TECHNICAL ANALYSIS April.4

Gold

Gold opened on a negative note on Monday. Traders pushed away from 1250 in the night and were able to drive the price to 1245. Sellers met buyers’ resistance around the mark and had to retreat. The yellow metal returned to the opening prices at the NY session opening. The spot broke the hurdle afterwards and advanced up to 1253 dollars per ounce. The resistance resides at 1260, the support comes in at 1250 dollars per ounce.

If buyers fail to hold above the 1250 level the precious metal may return to 1240 dollars per ounce.



Brent

Brent had a positive start to the day.  Oil prices gapped upwards and reached 53.50 in an Asian session. The market failed to maintain a bid tone afterwards. The benchmark found fresh offers around the level and eased to 53.10 in the NY session. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

We will buy Brent if it breaks above 53.50 dollars per barrel. If benchmark stays below 53.50 it may threaten 52.50 dollars per barrel.

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