Commodites Update

Commodites Update

Gold

Yesterday, gold traded 0.84% lower in the New York session and ended at USD1246.80 per ounce.

In the Asian session, at GMT0500, the precious metal is trading at USD1248.50 per ounce, 0.14% higher from the New York close.

The precious metal is expected to find its first support at USD1241.13 per ounce and first resistance at USD1260.43 per ounce. The second support is expected at USD1233.77 per ounce and second resistance at USD1272.37 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 rose in the New York session yesterday, closing 1.63% higher at USD49.34 per barrel.

At GMT0500, the commodity is trading at USD49.76 per barrel, 0.85% higher from the New York close.

The commodity is expected to find its first support at USD48.58 per barrel and first resistance at USD50.41 per barrel. The second support is expected at USD47.40 per barrel and second resistance at USD51.06 per barrel.

The RSI has crossed above 50 indicating that the stock is likely to resume momentum as buying pressure increases.

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