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COMMODITIES TECHNICAL ANALYSIS March.3

Gold

The bearish scenario prevailed on Thursday. Gold turned negative after the opening and extended its weakness afterwards. Sellers started the day from 1245 dollars per once and dropped to 1240 at once. The level stopped sellers for a while. However, a bout of fresh selling pressure emerged in the late European session. Sellers broke the support and advance to 1230. The resistance resides at 1240, the support comes in at 1230 dollars per once.

We will preserve our negative outlook until the precious metal is below 1250. Our next profit targets are 1225 and 1220 dollars per once.



Brent

Market’s negative mood persisted on Thursday. The benchmark remained offered and continued to advance south. Traders pushed away from 56.50 dollars per barrel on Thursday morning. Sellers had led black gold to 55.50 by the NY opening. The benchmark broke the level and continued its slide afterwards. Brent oil prices closed the day at 55.00. The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

If the downward pressure remains intact the benchmark will decline to 54.00 dollars per barrel in the coming sessions.

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