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COMMODITIES TECHNICAL ANALYSIS JULY.29

Gold

On Thursday, the demand for gold has increased the H4 chart. According to FortFS analyst, the pair rebounded from the support at 1316.00, and the buyers pulled the quotes above resistance at 1330.00. However, the prices then declined and returned to 1330.00.

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

The bears will maintain the initiative if they break through the support at 1330.00. Their target will be 1316.00 and 1300.00.

technical_xauusd_29_07_2016

Oil

The H4 time-frame showed a steady development of the downward trend of Brent oil. Yesterday, sellers tested the support at 42.80.

The bulls will regain the leadership if they break through the resistance at 44.00. Their target will be 45.30 and 46.50.

The bears will maintain the initiative if they break through the support at 42.80. Their target will be 41.40.

technical_brent_29_07_2016

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