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COMMODITIES TECHNICAL ANALYSIS February.8

Gold

Gold remained in an upward channel on Tuesday. The precious metal softened in the first part of the day and touched 1230. However, sellers failed to regain the level and the price returned to the opening level. The resistance is at 1240, the support comes in at 1230 dollar per ounce.

In order to maintain its strength, gold needs to stay above 1230 dollar per ounce. Buyers may push the XAU/USD pair to 1240 in the upcoming sessions.



Brent

Brent extended its bearishness on Tuesday. After a short consolidation in the Asian session sellers pushed the price downwards. The benchmark broke the level 55.50 and almost reached 54.50 yesterday. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

If a selling pressure persists a move below 54.50 will open the way towards 53.50 dollars per barrel.

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