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COMMODITIES TECHNICAL ANALYSIS May.2

Gold

Gold prices were under pressure the whole day. The price fell from 1270 to 1261 in the Asian session. The spot was recovering during the European trading session and reversed the majority of its early losses. A fresh selling pressure emerged during the US morning hours. The pair lost all fresh gains and broke 1260 afterwards. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

A close below 1260 may generate fresh bearish signal for further advance towards 1250 dollar per ounce.



Brent

Brent traded in red figures on Monday. The benchmark started the day around 52.00 and weakened to 51.20 by the end of trades. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

As the most probable scenario, we expect further weakness in the upcoming sessions. Sellers aim at 50.50.

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