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COMMODITIES TECHNICAL ANALYSIS March.21

Gold

Gold extended its upward momentum on Monday. However, the upward momentum was weak and did not last long. Buyers just broke 1230 and posted a daily high at 1235. The yellow metal retreated afterwards. The resistance is at 1240, the support comes in at 1230 dollars per ounce.

We favor a near-term bullish bias. A firm break above 1235 may open the doors towards 1240 dollars per ounce.



Brent

Brent oil prices traded mixed on Monday. Brent gapped downwards at the open and even slightly extended its losses afterwards. However, bulls regained control over the market in the noon and pushed the benchmark higher filling the night gap in the evening. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

A daily close above 52.00 may increase an upward pressure. Buyers may move prices towards 52.50.

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