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COMMODITIES TECHNICAL ANALYSIS February.6

Gold

Sellers’ inability to reclaim 1210 returned buyers to a driver's seat. The 1210 handle rejected the precious metal to 1220. The price just touched the level and closed the day in its region. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

A close above 1220 will generate bullish signal for further advance towards 1230 dollars per ounce.



Brent

Oil prices remained flat trading in a just formed range between 56.60 -57.00. The benchmark went back and forth between the limits of the range. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

Traders remain equally divided between bulls and bears. A clear break of either side is needed to signal fresh direction.

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