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COMMODITIES TECHNICAL ANALYSIS April.19

Gold

The bullish market structure remained in place on Tuesday. Buyers found strength and negated recent losses. The price was slowly growing the Asian and European sessions. Buyers accelerated their growth during the North American hours. The price reached 1290 in the late evening yesterday. The resistance is at 1290, the support comes in at 1280 dollars per ounce.

If the upward pressure persists the yellow metal is likely to test 1300 dollars per ounce soon.



Brent

Bears remained in control on Tuesday. Brent oil prices were losing ground the whole day. Sellers started the day from 55.50 and advanced down to 54.50 by the end of the day. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

We expect to see renewed bearish pressure if the price gets below 54.50 dollars per barrel. Oil prices may decline to 54.00 in this case. A rebound here will help buyers to reverse some losses and return the price to 56.50 dollars per barrel.

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