The yellow metal continued to lose its value on Wednesday. The price pushed away from 1225 dollars per ounce in the mid-European session and reached 1215 ahead of the NY opening. Having posted the session low at 1215 the price turned around and spiked to 1230. The resistance resides at 1230, the support comes in at 1220 dollars per ounce.
A move above 1230 will strengthen buyers who may break the hurdle to grow further.
The neutral phase that started last week is still intact. The price traded confined to a tight range between 56.50 and 55.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.
A break above 56.50 will trigger the next leg of move for Brent. Conversely, a renewed bearish pressure may lead oil prices to 54.50 dollars per barrel.
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