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COMMODITIES TECHNICAL ANALYSIS AUGUST.02

Gold

Demand for the precious metal was kept above 1330.00 on the 4-hour chart. However, quotes growth slowed down according to FortFS analysts. On Monday, gold consolidated slightly below resistance at 1360.00.

The bulls will maintain the leadership if they break through 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 1316.00 and 1300.00.

technical_xauusd_02_08_2016

Oil

The H4 time-frame showed that Brent oil did not grow pass the level 44.00. Later, sellers brought the price back to 42.80. Once again, oil reached the critical oversold line.

The bulls will regain the leadership if they break through the resistance at 42.80. Their target will be 44.00 and 45.30.

The bears will maintain the initiative if they break through the support at 41.40. Their target will be 40.00.

technical_brent_02_08_2016

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