Gold extended its bullish momentum on Wednesday. Traders met a barrier at 1250 in the night and kept struggling with the hurdle the whole day. The resistance is at 1250, the support comes in at 1240 dollar per ounce.
We believe that the precious metal will remain under buying pressure in the short-term. The XAU/USD pair may extend its gains towards 1260 dollar per ounce.
Brent had a negative start to the day. Sellers pushed the benchmark lower in the Asian session and reached 50.50 in the morning. Sellers retake the level in the late European session. They kept driving Brent lower afterwards and reached 49.50 ahead of the NY session. Brent futures found fresh bids around the handle and bounced off the barrier. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.
The bearish momentum is likely to be regained. Our profit targets are 49.50 and 48.50 dollars per barrel.
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