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COMMODITIES TECHNICAL ANALYSIS April.6

Gold

Gold completed the upside impulse and turned bearish afterwards. The spot bounced off 1260 and edged lower on Tuesday. Sellers extended their gains on Wednesday. They drove the yellow metal from 1255 to 1240. Gold prices found fresh bids around the mark and rallied upwards breaking 1250 on their way. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

A break above 1250 will help gold prices to maintain bullish bias. In this scenario the XAU/USD pair may test 1260 in the upcoming sessions.



Brent

Brent oil prices remained in green on Wednesday. Buyers were driving the benchmark higher the whole day. The price reached 55.00 when the benchmark reversed its direction and started to ease. Sellers returned the price below 54.50 dollars per barrel in the night session. The resistance is at 54.50, the support comes in at 53.50 dollars per barrel.

As the most probable scenario, we expect a return to the 53.50 level in the upcoming sessions.

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