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COMMODITIES TECHNICAL ANALYSIS May.17

Gold

Gold opened green against the US dollar. The pair pushed away from 1230 in the Asian session. The spot continued its near-term bullish momentum during the day trades. Buyers led XAUUSD to 1240 but lost the steam around the level and stepped back. The resistance resides at 1240, the support comes in at 1230 dollars per ounce.

Buyers keep leading the price higher slow and steady. If bulls retain control the yellow metal may retake 1240 dollars per ounce.



Brent

Brent oil prices traded in a narrow range between 52.50 and 51.50 on Tuesday. The price was growing the night and the morning. However, the growth stalled by noon. Sellers pushed the price lower afterwards. Brent was weakening during the US session. The benchmark softened to 51.50 in the mid NY session. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

Brent is about to fill the recent gap. A break below 51.50 opens the way towards 50.50 dollars per barrel.

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