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COMMODITIES TECHNICAL ANALYSIS April.20

Gold

The yellow metal remained under pressure on Wednesday. Sellers pushed the price to 1280 and were trying to break the level the whole day. However, bids around the handle did not let the spot further. The resistance resides at 1290, the support comes in at 1280 dollars per ounce.

A move below 1280 will strengthen sellers who may try to extend their gains further. If the precious metal breaks below the level it may reach 1270 dollars per ounce.



Brent

Brent had another negative day on Wednesday. The benchmark started the day around 55.00. The price hovered above the level during the day and sharply dropped at the beginning of the NY session. The resistance is at 53.50, the support comes in at 52.50 dollars per barrel.

A break below 53.50 may trigger the next leg of move towards 55.50.

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