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Oil and Gold Analysis 19 ,May 2015

Source: DIRECT FX Broker

Oil

The commodity is trading at $58.98 per barrel at 09:40 GMT this morning, 0.89% lower from the New York close. Crude oil witnessed a high of $59.63 per barrel and a low of $58.70 per barrel during the session. In the New York session yesterday, crude oil fell 1.08% to close at $59.51 per barrel, as the commodity failed to find support from clashes in Iraq and Yemen. Immediate downside, the first support level is seen at $58.24 per barrel, while on the upside, the first resistance level is at $60.19 per barrel.

 Gold

Gold is trading at $1219.90 per ounce at 09:40 GMT this morning, 0.42% lower from the New York close. This morning, the precious metal traded at a high of $1225.50 per ounce and a low of $1216.80 per ounce. Yesterday, gold traded 0.13% lower in the New York session and closed at $1225.10 per ounce, amid a broad strength in the greenback. Immediate downside, the first support level is seen at $1214.20 per ounce, while on the upside, the first resistance level is at $1228.20 per ounce.

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