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COMMODITIES TECHNICAL ANALYSIS April.5

Gold

Bulls maintained control and extended their upside impulse on Tuesday. Buyers pushed the yellow metal from 1252 to 1260 where the upward impetus faded. The pair bounced off the level and pulled back to 1255 afterwards. The resistance is at 1260, the support comes in at 1250 dollars per ounce.

Inability to break above 1260 may cause a move to 1240 dollars per ounce.



Brent

The benchmark had a mixed day on Tuesday. The price was softening in the night. Sellers managed to push the price to 51.50 by the morning. A fresh buying pressure emerged in the late European session and returned the price to 53.50 dollars per barrel first. The resistance did not stop buyers who continued pushing the price higher afterwards. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

A move above 54.00 may extend the benchmark gains. In this scenario buyers will push prices towards 54.50 dollars per barrel.

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