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COMMODITIES TECHNICAL ANALYSIS March.1

Gold

Gold traded in a narrow range on Tuesday. Sellers pushed the price to 1250 in the early trades. The level stopped sellers’ advance rejecting the spot upwards. The price recovered afterwards and erased the majority of its Monday’s losses. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

In order to maintain its strength, gold needs to break above 1260 dollar per ounce.



Brent

Brent extended its bearishness on Tuesday. Sellers returned control over the market after a brief recovery in the Asian session. The benchmark was losing ground the whole day and broke below the level 55.50 in the NY session. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

If a selling pressure persists a move below 55.00 will open the way towards 54.50 dollars per barrel.

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