Gold prices maintained their bearish tone on Tuesday. The yellow metal started to lose its ground in the Asian session. Sellers were driving the spot lower the whole night and morning. They broke 1270 in the mid European session. Sellers accelerated their gains afterwards and approached 1260 in the late NY session. The resistance is at 1270, the support comes in at 1260 dollars per ounce.
We expect to see renewed bearish pressure in the coming sessions. Our profit target will be 1260 dollars per ounce.
Oil market seemed fairly balanced amid the lack of market movers. Brent stayed within a tight range the whole day. A bout of fresh buying interest emerged in the evening. The price was able to grow and approached 51.90. Buyers lost steam around the hurdle and had to retreat. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.
We believe the price will stay in the current downward channel for a while. Sellers need to retake 51.50 to maintain control. Should they succeed the benchmark will fall to 50.50 dollars per barrel.
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