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COMMODITIES TECHNICAL ANALYSIS March.16

Gold

Gold stayed around 1200 the whole day. The pair was neutral waiting for new market movers. Buyers became more active in the evening. The yellow metal rallied upwards and broke 1210 dollar per ounce in the mid New York session. The metal extended its bullishness afterwards and reached 1220. The resistance is at 1220, the support comes in at 1210 dollar per ounce.

A break above 1220 will help gold prices to maintain bullish bias. In this scenario the XAU/USD pair may test 1225 in the upcoming sessions.



Brent

Brent oil prices remained neutral on Wednesday. The benchmark remained in a narrow range around 51.50. Buyers became stronger in the night and lifted Brent to 52.10. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

As the most probable scenario, we expect a return to the 52.50 level in the upcoming sessions.

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