After Thursday's rally the spot turned bearish on Friday. Gold prices completed an upside impulse around 1270 in the late European session. The price pushed away from the resistance and dropped to 1250 dollars per ounce breaking 1240 on its way. The resistance is at 1260, the support comes in at 1250 dollars per ounce.
A close above 1250 will generate a fresh bearish signal for further advance towards 1240 dollars per ounce.
The bullish market structure remained in place on Friday. After breaking 55.50 and posting a weekly high at 56.00 oil prices edged lower on profit-taking. The benchmark softened to 54.50 where black gold found fresh bids. The price bounced off the level and reversed almost all its previous losses. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.
We remain bullish until we see a break below 53.50 dollars per barrel. The level 56.50 is the next bulls’ target.
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