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COMMODITIES TECHNICAL ANALYSIS May.3

Gold

Gold prices were under pressure during the day trades. Sellers drove the price to 1251 where the spot faced an upward rejection. XAU/USD bounced off the oversold zone and recovered to the opening price.
The resistance resides at 1260, the support comes in at 1250 dollars per once.

The yellow metal may ease further to 1240 dollars per once.



Brent

Buyers failed to develop an upward recovery. The price was able to grow to 52.10 and turned around. The benchmark sharply dropped after that and after breaking 51.50 moved to 50.50. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

If a downward pressure remains intact the benchmark will decline to 49.50 dollars per barrel in the coming sessions.

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