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COMMODITIES TECHNICAL ANALYSIS AUGUST.04

Gold

The 4-hour time-frame showed that gold consolidated at the reached maximums. According to Fortfs analysts, the price dropped to the support at 1350.00. Technically, the metal remained overbought.

The bulls will regain the leadership if they break through the resistance at 1370.00. Their target will be 1400.00.

The bears will maintain the initiative if they break through the support at 1350.00. Their target will be 1330.00.

technical_xauusd_04_08_2016_1

Oil

Brent oil attempted to increase to 44.00 on the 4-hour chart. At the end of trading, the buyers passed the level 42.80 and strengthend above.

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

The bears will regain the initiative if they break through the support at 42.80. Their target will be 41.40 and 40.00.

technical_brent_04_08_2016_1

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