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COMMODITIES TECHNICAL ANALYSIS February.20

Gold

Despite the fact that the overall trend is bullish gold has some difficulties to go higher. The level 1240 appeared to be a hard obstacle to break. The price tried to break through twice but failed both times. The level rejected the spot downwards on Friday. The yellow metal softened and closed the week at 1234. The resistance resides at 1240, the support comes in at 1230 dollars per ounce.

The price is likely to extend its losses in a short term. After breaking 1230 sellers may extend their gains to 1220 dollars per ounce.



Brent

Brent oil prices traded mixed on Friday. The price was declining the first part of the day. Sellers found a decent support at 55.00 dollars per barrel where the benchmark reversed its direction. Oil prices grew, broke 55.50 and closed the day at 55.70. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.


We believe traders will keep the price in directionless mode today.

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