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COMMODITIES TECHNICAL ANALYSIS March.8

Gold


Gold extended its weakness on Tuesday. After the night flat around 1225 dollars per ounce sellers pushed the spot lower in the morning. They were driving the price lower during the day and broke 1220 in the noon. The level did not stop them and their extended gains down to 1215. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

If the downward pressure persists the yellow metal is likely to test 1210 dollars per ounce today.



Brent

Brent traded mixed on Tuesday. Buyers were in driver’s seat the first part of the day. They drove the price to 56.50 where the benchmark found fresh offers. Having touched the level the benchmark turned around and dropped to 55.50. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

We expect to see renewed bearish pressure if the price gets below 55.50. Oil prices may decline to 54.50 dollars per barrel in this case.

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