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COMMODITIES TECHNICAL ANALYSIS February.10

Gold

Gold lost strength and turned to the downside on Thursday. The price gave up its recent gains and made a good break below 1240 in the early European trades. The spot reached 1230 in the NY session. The resistance resides at 1240, the support comes in at 1230 dollars per once.

We will preserve our positive outlook until the precious metal is above 1220. A move lower will ease the upward pressure and open the way to 1210 dollars per once.



Brent

Market’s positive mood persisted on Thursday. The benchmark remained in demand hovering above its recent highs at 55.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

If the upward pressure remains intact the benchmark will grow above 56.00 in the coming sessions. We do not rule out a move downwards. Oil prices may reach 54.50 dollars per barrel in this scenario.

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