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COMMODITIES TECHNICAL ANALYSIS May.16

Gold

The XAU/USD pair caught fresh bids on Monday. A fresh buying interest lifted the spot to 1237 where the upward trajectory stalled. The market turned bearish and softened after that. Sellers returned the price to 1230 by the end of the day.  The resistance resides at 1240, the support comes in at 1230 dollars per ounce.

If sellers fail to break below the 1230 level the precious metal may return to 1240 dollars per ounce.



Brent

Market’s positive mood persisted on Monday. Brent gapped upwards at the open and soon reached 52.50. Bulls were not able to break the level and gave up their gains. The price bounced off the level and returned to the opening price by the end of the day. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

Brent is likely to extend its losses. We expect a break below 51.50 and its advance to 50.50 dollars per barrel.

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