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COMMODITIES TECHNICAL ANALYSIS JUNE.03

Gold

Gold quotes started the day with a consolidation on the 4-hour chart according to FortFS analysts. Rebounded from the resistance at 1215.00 the metal would continue trading with a decline. Statistics showed an improvement on the US labor market which caused the dollar to strengthen and dropped the demand for the precious metal.

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_03_06_2016

Oil

The 4-hour time-frame showed that Brent oil was traded multi-directional and ended the day with a slight increase. The support at 49.60 surrendered to sellers even though it was tested a number of times during the session. Nevertheless, oil remained under pressure.

The bulls will regain the leadership if they break through the resistance at 50.50. Their target will be 51.50.

The bears will maintain the initiative if they break through the support at 49.60. Their target will be 48.60 and 47.80.

technical_brent_03_06_2016_1

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