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COMMODITIES TECHNICAL ANALYSIS April.24

Gold

The spot finally left its sideways channel and headed north. After an overnight fluctuation around 1280 gold strengthened in the morning. The pair pushed away from 1280 and headed upwards. The price almost reached 1290 when a market closed. The resistance resides at 1290, the support comes in at 1280 dollars per ounce.

Buyers are trying hard to return control. If they succeed the pair will retake 1290 dollars per ounce.



Brent

Brent oil prices were neutral the whole day. A fresh selling interest emerged in the NY session. The price sharply dropped, broke 52.50 on its way and reached 51.50 in the night. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

Sellers need to stay below 52.50 to maintain control. The handle 51.50 is their first target.

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