On the 4-hour chart the precious metal developed an upward trend as the demand increased for safe assets due to the uncertainty before important events. The buyers overpassed the resistance at 1280 and consolidated above.
The bulls will maintain the leadership if they break through the resistance at 1300.00. Their target will be 1315.00.
The bears will regain the initiative if they break through the support at 1280.00. Their target will be 1260.00 and 1235.00.
The 4-hour chart showed that the decline of Brent oil quotes was stopped near 49.60. The buyers attempted to raise the price and tested the resistance at 50.50 but then the price rolled back down. The market remained under the bears’ influence according to FortFS analysts.
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 47.60.
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