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COMMODITIES TECHNICAL ANALYSIS December.28

Gold

Gold made an attempt to grow on Tuesday. The price rallied to 1150 through 1140 dollars per ounce. However, a bullish spike faded around 1150 and the XAU/USD pair dropped back to 1130. The resistance is at 1140, the support comes in at 1130 dollars per ounce.

A close above which will generate fresh bullish signal. The precious metal may extend its upward trajectory to 1160 dollars per ounce. A pull back below 1140 will return sellers to the market. The price may decline to 1130 in this case.

28_12_2016_xauusd

Brent

A bullish market structure remained in place on Tuesday. The benchmark broke above previous week’s top and trended upwards. Brent broke through 55.50 post-NY open and advanced to 56.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

A break above 55.50 will strengthen buyers’ positions. Bulls may drive Brent prices to 56.50 and 57.50 dollars per barrel.

28_12_2016_brent

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