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COMMODITIES TECHNICAL ANALYSIS AUGUST.05

Gold

Gold was traded near the maximums on the 4-hour chart but below 1370.00. The pair remained in the overbought zone, according to FortFS analysts .

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

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

technical_xauusd_05_08_2016

Oil

The 4-hour chart showed a sudden growth of Brent oil quotes. Near support at 42.80 the demand for purchasing has increased and quotes went up to 44.00$.
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_05_08_2016

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