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COMMODITIES TECHNICAL ANALYSIS February.2

Gold

Buyers met a solid barrier at 1210 and failed to retake it in the early trades on Wednesday. Sellers fought back control and pushed gold spot lower. The price dropped and tested 1200 at the beginning of the North American session. The resistance is at 1210, the support comes in at 1200 dollar per ounce.

A break below 1200 will help gold prices to maintain bearish bias. In this scenario the XAU/USD pair may test 1190 in the upcoming sessions.



Brent

Brent oil prices remained neutral staying in its familiar range on Wednesday. An upward impetus pushed the price from the lower limit of the band to its upper one. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

As the most probable scenario, we expect a break above the 56.50 level. A cut here will open the way to 57.50.

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