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COMMODITIES TECHNICAL ANALYSIS April.28

Gold

Gold prices moved off-highs in the night and in the morning on Thursday. However, sellers met a barrier at 1260 in the mid-European session. The price bounced off the level and grew to 1265 where the spot closed the day. The resistance is seen at 1270, the support is at 1260 dollars per ounce.

A break below 1260 risks a decline towards the support at 1250 dollars per ounce.



Brent

Brent traded mixed on Thursday. The bearish momentum persisted during the day trades. The benchmark broke 51.50 and advanced to 50.50 dollars per barrel. Oil prices found fresh offers around the level in the NY session. As a result, the price bounced off the handle. Buyers reversed their early losses afterwards returning the price above 51.50. The resistance is seen at 52.50, the support is at 51.50 dollars per barrel.

Brent may extend its upward trajectory if it stays above 51.50. In this potential scenario buyers will move the price to 52.50 first. En route to 53.00 dollars per barrel.

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