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COMMODITIES TECHNICAL ANALYSIS May.8

Gold

Gold prices remained under selling pressure on Friday. Buyers made an attempt to reverse loses in the night but failed. The bullish spike lost momentum at 1234. The spot returned to 1230 afterwards where the yellow metal spent the rest of the day. 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 1220 dollar per ounce.



Brent

Brent oil prices were able to build a recovery on Friday. The benchmark was strengthening the whole day. The price broke 47.50 and 48.50 dollars per barrel on its way upwards. Buyers led the price to 49.50 where they closed the day. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

A break above 49.50 will neutralize the selling pressure further. Buyers may extend their winning streak up to 50.50 dollars per barrel.

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