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COMMODITIES TECHNICAL ANALYSIS May.12

Gold

Gold had a positive day on Thursday. The spot was recovering the whole day and posted the daily high at 1227. The resistance is at 1230, the support comes in at 1220 dollars per ounce.


Failure to hold above 1225 risks a slide to 1220 first, en route to 1215 dollars per ounce.



Brent

Bren was strengthening the whole day trying to conquer new highs. Buyers broke 50.50 in the morning and led the benchmark to 51.14 where the upward trajectory stalled. The price pulled back afterwards and returned to 50.50. The resistance is at 51.50, the support comes in at 50.50 dollars per barrel.

Taking into consideration the overbought conditions we believe oil prices will continue losing ground further.

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