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Commodities TECHNICAL ANALYSIS MAY.30

Gold

On the 4-hour time-frame gold was traded under the pressure of the strong US dollar. The bears dominated the market and overpassed the level of 1215.00 per ounce regardless of the slight move upwards at the end of the session.

The bulls will regain the leadership if they break through the resistance at 1215.00. Their target will be 1235.00 and 1260.00.

The bears will maintain the initiative if they break through the support at 1200.00. Their target will be 1180.00.

technical_xauusd_30_05_2016

Oil

The 4-hour chart showed that the quotes of Brent oil turned around and headed up after the decline. The buyers resumed their activity on the market and raised the price of the “black gold” to 49.48.

The bulls will maintain the leadership if they break through the resistance at 49.60. Their target will be 50.50.

The bears will regain the initiative if they break through the support at 48.60. Their target will be 47.80 and 46.80.

technical_wti_30_05_2016

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