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COMMODITIES TECHNICAL ANALYSIS May.15

Gold

Buyers continued controlling the market on Friday. Bulls led the price to 1230 where gold spot lost its steam. Buyers failed to retake the level and prefer to book some profits instead. The resistance is at 1230, the support comes in at 1220 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 1215 dollar per ounce.



Brent

Brent extended its side-trend on Friday. Oil prices kept flirting with the level 50.50 the whole day. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

The bearish momentum is likely to be regained. Our first profit targets are 50.50 and 49.00 dollars per barrel.

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