Commodities Update

Commodities Update

Gold

Yesterday, gold traded 0.2% higher in the New York session and ended at USD1283.50 per ounce.

In the Asian session, at GMT0500, the precious metal is trading at USD1281.30 per ounce, 0.17% lower from the New York close.

The precious metal is expected to find its first support at USD1277.80 per ounce and first resistance at USD1285.00 per ounce. The second support is expected at USD1274.30 per ounce and second resistance at USD1288.70 per ounce.

The chance of a correction cannot be ruled out as the Williams %R indicator has moved down from the overbought territory.

Crude Oil

Crude oil fell in the New York session yesterday, closing 0.12% lower at USD50.72 per barrel.

At GMT0500, the commodity is trading at USD50.79 per barrel, 0.14% higher from the New York close.

The commodity is expected to find its first support at USD50.40 per barrel and first resistance at USD51.28 per barrel. The second support is expected at USD50.01 per barrel and second resistance at USD51.77 per barrel.

Negative sentiment still exists as a bearish crossover is visible on the chart with the Moving Average of Commodities Channel Indicator (CCI) crossing 75 from above.

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