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COMMODITIES TECHNICAL ANALYSIS March.22

Gold

After a calm Monday bulls returned to the market on Tuesday. Buyers broke 1230 at the beginning of the European session. The pair maintained its bid tone afterwards. The price rallied and broke 1240 during the American morning trade. The level did not stop the spot which extended its rise up to 1247 dollar per ounce. The resistance is at 1250, the support comes in at 1240 dollar per ounce.

In order to maintain its strength, gold needs to stay above 1240 dollar per ounce.



Brent

Brent turned bearish on Tuesday. The price was growing the first part of the day. Buyers reached 55.23 when the market changed its sentiment. The price turned around and dropped to the opening prices level. Sellers broke 51.50 in the NA session and pushed the benchmark lower afterwards. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

If a selling pressure persists a move below 51.00 will open the way towards 50.50 dollars per barrel.

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