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COMMODITIES TECHNICAL ANALYSIS May.4

Gold

The Tuesday’s recovery stalled at 1256. Gold prices found fresh offers at the mark and turned bearish. The price was declining the whole night and the day and reached 1250 ahead of the NY opening. Sellers did not stop and broke the level. The spot posted a daily low at 1235 dollar per ounce. The resistance is at 1240, the support comes in at 1230 dollar per ounce.

We believe that the precious metal will remain under selling pressure in the short-term. The XAU/USD pair may extend its losses towards 1230 dollar per ounce.



Brent

Brent oil prices remained neutral on Wednesday. Buyers defended the level 50.50 not allowing sellers to move lower. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

Bears seem to have lost their steam. The benchmark may try to build a correction now. Buyers will try to lead the price to 51.50 first, en route to 52.10 dollars per barrel.

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