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COMMODITIES TECHNICAL ANALYSIS March.29

Gold

Gold extended its weakness on Tuesday. After a flat around 1255 dollars per ounce sellers pushed the spot lower at the NY opening. The spot edged lower and broke 1250 afterwards. The level did not stop sellers and their extended their gains down to 1245. The resistance is at 1250, the support comes in at 1240 dollars per ounce.

If the downward pressure persists the yellow metal is likely to test 1240 dollars per ounce today.



Brent

Brent remained in bulls’ hands on Tuesday. The benchmark was growing the whole day. Buyers managed to break 51.50 and moved up to 51.80 when the upward trajectory lost its legs. Brent weakened and returned below 51.50. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

We expect to see renewed bullish pressure if the price gets above 51.50 dollars per barrel. Oil prices may grow to 52.50 in this case.

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