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COMMODITIES TECHNICAL ANALYSIS April.7

Gold

Gold turned bearish in the Asian session. The pair edged lower in the night and remained offered during the day. The spot approached 1250 ahead of the NY opening. The level slowed down sellers decrease. The resistance is at 1260, the support comes in at 1250 dollars per ounce.

As the most probable scenario, we consider moving downwards towards the level 1240 dollars per ounce.



Brent

The bullish trend remained intact on Thursday. Buyers reversed all the recent losses and returned the benchmark to the weekly high after a sell-off on Wednesday.ย  The resistance is at 55.50, the support comes in at 54.50 dollars per barrel.

If the bullish tone persists we expect a move towards 55.50 dollars per barrel. However, the benchmark is overbought and we expect some profit taking.

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