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COMMODITIES TECHNICAL ANALYSIS February.28

Gold

Gold extended its upward momentum on Monday. The price retreated from last week highs in the night. Sellers pushed the price to 1255 where they lost steam. A buying interest returned in the NY session. Gold prices extended their bullish rally and had touched 1260 by the NY opening. The resistance is at 1260, the support comes in at 1250 dollars per ounce.

We favor a near-term bullish bias. A firm break above 1260 hurdle may open the doors towards 1270 dollars per ounce.



Brent

Brent turned bearish and erased some yearly gains on Monday. The price fluctuated in a tight range between 56.75 and 56.30 during the day. A selling pressure emerged in the NY session and pushed the Brent oil price to 56.00 dollars per barrel. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

A daily close below 56.00 may increase a downward pressure. Sellers may move prices towards 55.50, en route to 54.50 dollars per barrel.

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