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COMMODITIES TECHNICAL ANALYSIS JULY.14

Gold

On Wednesday, gold was traded sideways on the H4 chart. Sellers met a strong support at 1330 according to FortFS analysts. There was an increase of demand and the precious metal strengthened slightly.

The bulls will maintain the leadership if they break through the resistance at 1360.00. Their target will be 1390.00.

The bears will regain the initiative if they break through the support at 1330.00. Their target will be 1300.00 and 1270.00.

technical_xauusd_14_07_2016_1

Oil

Brent oil quotes have sharply decreased on the 4-hour time-frame. On the way down, the pair passed level 47.50 and tested level 46.50. A bearish sentiment is developing on the “black gold” market.

The bulls will regain the leadership if they break through the resistance at 47.50. Their target will be 48.50 and 49.50.

The bears will maintain the initiative if they break through the support at 46.50. Their target will be 45.30.

technical_brent_14_07_2016_2

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