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COMMODITIES TECHNICAL ANALYSIS March.7

Gold

Bears remained in control on Monday. The precious metal faced further downside pressure in the night trades. Traders drove the price towards 1230 and touched the handle in the European morning. The level did not stop bears and after a brief pause they continued moving the precious metal lower. The XAU/USD pair broke 1230 in the late NA session and closed the day around 1225. The resistance resides at 1230, the support comes in at 1220 dollars per ounce.

A daily close below 1230 will reinforce sellers’ positions. Their next target is 1220 dollars per ounce.



Brent

Brent opened on a stronger note and remained under intense buying pressure on Monday. Bulls moved the price from 55.50 towards 56.50 dollars per barrel yesterday. However, the upward impetus lost its strength around 56.20 where the benchmark faced a downward rejection. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

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