Gold prices traded mixed on Monday. However, despite the fluctuation during the day bulls remained in control. The precious metal spiked from 1283 and reached 1295 in the night. However, gold lost almost all its gains afterwards. The spot declined to 1285 where the pair stayed the rest of the day. The resistance resides at 1290, the support comes in at 1280 dollars per ounce.
A daily close above 1290 will reinforce buyers’ positions. Their next target is 1300 dollars per ounce.
Brent broke 55.50 at the open and advanced to 56.00. Buyers lost control around the mark allowing bears to push the benchmark back to the opening price. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.
We believe Brent will remain in a sideways channel around 55.50 in the short-term. A clear break of either side is needed to signal fresh direction.
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