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COMMODITIES TECHNICAL ANALYSIS May.10

Gold

The bearish market structure remained in place on Tuesday. Sellers extended their gains driving the yellow metal through 1220 towards 1215 dollars per ounce. The resistance is at 1220, the support comes in at 1210 dollar per ounce.

In order to maintain ask tone, gold needs to stay below 1220 dollars per ounce.



Brent

Brent traded mixed on Tuesday. Oil prices were neutral the first part of the day. Sellers attacked 49.50 in the mid- European session. The benchmark edged lower and touched 48.50 in the late NY session. The resistance is at 49.50, the support comes in at 48.50 dollars per barrel.

If a selling pressure persists a move below 48.50 will open the way towards 47.00 dollars per barrel.

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