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COMMODITIES TECHNICAL ANALYSIS May.19

Gold

Buyers did not find any reason to move the price higher and decided to book some profits. The pair bounced from 1260 and was slowly declining during the day. The resistance is at 1250, the support comes in at 1240 dollars per ounce.

The current decline we consider corrective. We will buy on a dip. We prefer to wait until the correction is over now.



Brent

Brent traded mixed on Thursday. The benchmark was under pressure the first part of the day. Sellers managed to break 51.50 but failed to consolidate below the level. The market turned around and started to grow. Buyers reversed their recent losses and returned the price to 52.50 dollars per barrel. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

We believe Brent has all chances to retake 52.50 in the upcoming sessions.

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