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COMMODITIES TECHNICAL ANALYSIS February.9

Gold

Gold extended its bullish momentum on Wednesday. Traders kept pushing the spot higher. The pair refreshed 3-month high when broke 1240 dollar per ounce. The resistance is at 1250, the support comes in at 1240 dollar per ounce.

We believe that the US dollar will remain under pressure in the short-term. The XAU/USD pair may extend its growth towards 1250 dollar per ounce.



Brent

The bearish views are still popular in the market. Brent oil prices remained in a short-term descending channel. Buyers’ attempt to reverse early losses failed in the European session. A fresh selling pressure returned oil futures to 54.50. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

The bearish momentum is likely to be regained. Our profit targets are 54.00 and 53.50 dollars per barrel.

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