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COMMODITIES TECHNICAL ANALYSIS May.5

Gold

The bearish trend remained intact on Thursday. The price pushed away from 1240 in the European morning and declined to 1230 ahead of the NY opening. The level limited sellers' further advance. The pair tried to develop a correction afterwards. The resistance is at 1240, the support comes in at 1230 dollars per ounce.

We believe the offered tone around precious metal will remain in place in the short-term. We will wait for a new pull back to sell gold again. Our first target is the level 1230, en route to 1220 dollars per ounce.



Brent

Brent had a negative day on Thursday. After neutral night trades the benchmark got under selling pressure in the morning. The price started to lose ground and soon broke 49.50. The level did not stop sellers who managed to lead oil prices to 48.50 dollars per barrel. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

We believe Brent has all chances to retake 48.50 in the upcoming sessions.

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