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COMMODITIES TECHNICAL ANALYSIS JUNE.06
2016-06-06 08:11:23
Gold
After consolidation bellow 1215.00 per ounce, the demand for the precious metal sharply increased on the 4-hour chart. The bulls raised the pair above 1235.00 and overpassed it in a matter of minutes.
The bulls will maintain the leadership if they break through the resistance at 1260.00. Their target will be 1270.00.
The bears will regain the initiative if they break through the support at 1235.00. Their target will be 1215.00 and 1200.00.
Oil
The 4-hour time-frame clearly showed that Brent oil continued to be traded under pressure, according FortFS analysts. Once again, the support at 49.60 $ per barrel was tested. The bulls lack enough growth impulse to overpass the psychologically resistance level at $50.50 per barrel.
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.
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