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COMMODITIES TECHNICAL ANALYSIS March.30

Gold

The yellow metal remained under pressure on Wednesday. However, buyers managed to reverse some losses during the day trades. The XAU/USD pair returned above 1250 and posted a daily high at 1255. The resistance resides at 1260, the support comes in at 1250 dollars per ounce.

A move below 1250 will strengthen sellers who may try to extend their gains further. If the precious metal stays below the level it may reach 1240 dollars per ounce.



Brent

Brent had another positive day on Wednesday. Traders began pushing the price upwards in the Asian session. They broke 51.50 in the morning and accelerated after that. The benchmark maintained its bid tone during the day trades. Buyers reached 52.50 in the NY session. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

A break above 52.50 will trigger the next leg of move towards 53.50.

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