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COMMODITIES TECHNICAL ANALYSIS April.13

Gold

After touching 1280 gold prices stayed in a flat. The price was going up and down between 1280 and 1270 the whole day. A fresh buying momentum in the evening helped the price to jump to 1280. The resistance is at 1280, the support comes in at 1270 dollar per ounce.

We believe that the precious metal will remain under buying pressure in the short-term. The XAU/USD pair may extend its gains towards 1280 dollar per ounce.



Brent

Brent oil prices remained in an ascending channel on Wednesday. Buyers failed to post fresh gains yesterday. The benchmark pushed away from the upper limit of the channel and moved towards its lower one. The resistance is at 56.50, the support comes in at 55.50 dollars per barrel.

The bearish momentum is likely to be regained. Our profit targets are 55.50 and 55.00 dollars per barrel.

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