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COMMODITIES TECHNICAL ANALYSIS May.1

Gold

Gold prices moved sideways on Friday. The price was fluctuating between 1263 and 1267 during the day trades. The resistance is at 1270, the support comes in at 1260 dollars per once.

Sellers seem to have problems with going lower. The spot may leave the current sideways channel to reverse its recent losses in this case. The XAU/USD pair may break above 1270 dollars per once and may advance to 1280 first.



Brent

Buyers failed to maintain an upward momentum on Friday. The 52.00 level appeared to be unbreakable obstacle which rejected crude oil prices downwards. The benchmark bounced off the mentioned mark and weakened to the closest support – 51.50 where Brent closed the week. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

If a downward pressure remains intact the benchmark will decline to 50.50 dollars per barrel in the coming sessions.

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