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Commodities Update | Every Investor – EveryInvestor

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Gold

Yesterday, gold traded 0.63% lower in the New York session and ended at USD1221.70 per ounce.

In the Asian session, at GMT0500, the precious metal is trading at USD1222.60 per ounce, 0.07% higher from the New York close.

The precious metal is expected to find its first support at USD1214.40 per ounce and first resistance at USD1234.40 per ounce. The second support is expected at USD1206.20 per ounce and second resistance at USD1246.20 per ounce.

The Three Black Crows pattern has emerged on the chart suggesting the bulls lack of conviction in the current uptrend and a possible reversal.

Crude Oil

Crude oil rose in the New York session yesterday, closing 1.42% higher at USD47.00 per barrel.

At GMT0500, the commodity is trading at USD46.84 per barrel, 0.34% lower from the New York close.

The commodity is expected to find its first support at USD46.13 per barrel and first resistance at USD47.34 per barrel. The second support is expected at USD45.42 per barrel and second resistance at USD47.84 per barrel.

The Moving Average of CCI has moved up from the oversold territory, crossing -75, generating a bullish signal.