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COMMODITIES TECHNICAL ANALYSIS April.11

Gold

Gold traded mixed on Monday. The precious metal was weakening the whole day. The price dropped below 1250 and stopped at 1246 dollars per ounce. The last appeared to be a pivot point where the XAU/USD pair reversed its direction. The spot broke 1250 in the NY session and advanced to 1255. The resistance is at 1260, the support comes in at 1250 dollars per ounce.

We favor a near-term bullish bias. A firm break above 1255 may open the doors towards 1260 dollars per ounce.



Brent

Brent maintained its bid tone on Monday. Buyers broke above 55.50 in the European morning and headed towards 56.00. Bulls reached the mark in the late NY session. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

A daily close above 56.00 may increase an upward pressure. Buyers may move prices towards 56.50.

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