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COMMODITIES TECHNICAL ANALYSIS March.9

Gold

The yellow metal continued losing its value on Wednesday. The price pushed away from 1220 dollars per ounce in the Asian session and reached 1210 ahead of the NY opening. The level did not stop sellers who managed to pierce the level and stayed below it.  The resistance resides at 1210, the support comes in at 1200 dollars per ounce.

A move above 1210 will strengthen buyers who may try to recover some ground. If the precious metal stays below the level it may reach 1200 dollars per ounce.



Brent

The neutral phase which lasted several weeks ended yesterday. Traders began pushing the price downwards in the Asian session. They accelerated in the European morning. The benchmark sharply dropped in the NY session. Sellers broke 54.50, 53.50 and stopped around 53.00. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

A break below 53.00 will trigger the next leg of move towards 52.50. Alternatively, Brent may recover on profit-taking. Black gold may return to 54.00 dollars per barrel.

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