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COMMODITIES TECHNICAL ANALYSIS May.18

Gold

The XAU/USD pair caught fresh bids at the daily open. The spot maintained trade in the green zone during the night and the day. Gold grew above the US dollar up to 1260. The resistance is at 1260, the support comes in at 1250 dollar per ounce.

We believe that the precious metal will remain under buying pressure in the short-term. The XAU/USD pair may extend its gains towards 1270 dollar per ounce.



Brent

Brent opened on a positive note and remained in bulls' hands during the whole day. Buyers managed to reverse all Tuesday's losses and returned the price to 52.50. The resistance is at 52.50, the support comes in at 51.50 dollars per barrel.

The bullish momentum is likely to be regained. Our profit targets are 52.50 and 53.00 dollars per barrel.

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