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COMMODITIES TECHNICAL ANALYSIS April.12

Gold

The bullish market structure remained in place on Tuesday. Buyers extended their gains driving the yellow metal through 1260 towards 1270 dollars per ounce. The resistance is at 1270, the support comes in at 1260 dollar per ounce.

In order to maintain its strength, gold needs to stay above 1265 dollars per ounce.



Brent

Brent traded mixed on Tuesday. Buyers did not find any reason to move above 56.00. Bulls stepped away giving the way to sellers during the day trades. The last regained the market and pushed the benchmark lower. The price tested 55.50 in the NY session. However, the level rejected the price which grew to the opening price. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

If a selling pressure persists a move below 55.50 will open the way towards 55.00 dollars per barrel.

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