Bulls remained in control on Monday. The precious metal faced further upside pressure in the night trades. Traders drove the price towards 1260 and touched the hurdle in the North American morning. The price retreated from its daily highs afterwards and erased some daily gains. The resistance resides at 1260, the support comes in at 1250 dollars per ounce.
A daily close above 1260 will reinforce buyers’ positions. Their next target is 1270 dollars per ounce.
Brent oil prices traded in a flat flirting with the 50.50 level the whole day. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.
We believe Brent will remain in a sideways channel in the near-term. A clear break of either side is needed to signal fresh direction.
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