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COMMODITIES TECHNICAL ANALYSIS February.13

Gold

Gold prices closed the week bullish. The metal pushed away from 1220 and headed towards 1230 in the European session on Friday. Buyers broke the level in the mid-American session and closed the day half way to 1240. The resistance resides at 1240, the support comes in at 1230 dollars per ounce.

A close above 1240 will generate fresh bullishness towards 1245 dollars per ounce.



Brent

Brent maintained its upbeat tone on Friday. The benchmark was rallying the whole day and reached 56.50 in the NA session. Its further advance stalled around 57.00 which appeared to be a solid resistance for oil futures. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

The benchmark has the potential to post more gains. To maintain buying interest the price has to stay above 56.50. A return below the level will ease the upward pressure.

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