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COMMODITIES TECHNICAL ANALYSIS May.11

Gold

Gold prices hovered above 1220 the whole day. The yellow metal was neutral waiting for new drivers. Selling pressure emerged in the North American session. Bears finally retook 1220 leading the spot to 1215. The resistance is at 1220, the support comes in at 1210 dollars per ounce.

As the most probable scenario, we consider moving downwards towards the level 1210 dollars per ounce.



Brent

Bulls are back in town. Brent finally chose its direction after being flat about a week. The price bounced from 48.50 and started to climb higher and higher. Buyers broke 49.50 and tested 50.50 on Wednesday. The resistance is at 50.50, the support comes in at 49.50 dollars per barrel.

If the bullish tone persists we expect a move towards 51.50 dollars per barrel.

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