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COMMODITIES TECHNICAL ANALYSIS February.23

Gold

Buyers met a solid barrier at 1240 and failed to retake it in the early trades on Wednesday. Sellers fought back control and pushed gold spot lower at the NY opening. The price dropped and tested 1230 in the North American session. The resistance is at 1240, the support comes in at 1230 dollar per ounce.

A break below 1230 will help gold prices to maintain bearish bias. In this scenario the XAU/USD pair may test 1225 in the upcoming sessions.



Brent

Brent oil prices remained bearish on Wednesday. A downward impetus led the benchmark through 56.50 towards 55.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

As the most probable scenario, we expect a return to the 56.50 level and a pull back to 55.50 dollars per barrel.

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