Commodities Update

Commodities Update


Yesterday, gold traded 0.13% higher in the New York session and ended at USD1236.80 per ounce.

In the Asian session, at GMT0500, the precious metal is trading at USD1243.20 per ounce, 0.52% higher from the New York close.

The precious metal is expected to find its first support at USD1235.53 per ounce and first resistance at USD1247.93 per ounce. The second support is expected at USD1227.87 per ounce and second resistance at USD1252.67 per ounce.

The formation of a Hanging man Candlestick on the chart suggests that selling pressure has overwhelmed buying pressure and a trend reversal is imminent.

Crude Oil

Crude oil fell in the New York session yesterday, closing 1.67% lower at USD48.33 per barrel.

At GMT0500, the commodity is trading at USD48.20 per barrel, 0.27% lower from the New York close.

The commodity is expected to find its first support at USD47.69 per barrel and first resistance at USD49.04 per barrel. The second support is expected at USD47.19 per barrel and second resistance at USD49.89 per barrel.

The CCI has crossed 100 from above, generating a bearish signal.

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