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COMMODITIES TECHNICAL ANALYSIS February.22

Gold

Gold traded mixed yesterday. Sellers managed to push the spot lower and touched 1230. However, the level rejected the pair upwards. The yellow metal grew and reversed all its daily losses. The resistance is at 1240, the support comes in at 1230 dollars per ounce.

The bullish momentum is likely to be regained if gold fixates above 1240 dollars per ounce.



Brent

The benchmark had a positive day on Tuesday. A fresh buying pressure emerged in the early European session and pushed the price to 57.50 through 56.50. Buyers failed to lead the benchmark higher. Brent oil prices gave up their highs and returned to 56.50. The resistance is at 57.50, the support comes in at 56.50 dollars per barrel.

A move above 57.50 may extend the benchmark gains. In this scenario buyers will push prices towards 58.50 dollars per barrel. Alternatively, Brent oil futures may soften if they are back below the current support.

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