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COMMODITIES TECHNICAL ANALYSIS JULY.21

Gold

The 4-hour time-frame showed that the price of the precious metal dropped and the level 1330.00 was passed. The next support at 1316.00 was tested and Gold was highly oversold, according to FortFS analysts.

The bulls will regain the leadership if they break through the resistance at 1330.00. Their target will be 1360.00.

The bears will maintain the initiative if they break through the support at 1316.00. Their target will be 1300.00 and 1270.00.

technical_xauusd_21_07_2016

Oil

WTI oil went through multi-directional trades on the H4 chart however remained within the range limits 46.50-47.50$. Nevertheless, the trading session ended with a growth to the range upper limit.

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

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

technical_brent_21_07_2016

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