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COMMODITIES TECHNICAL ANALYSIS AUGUST.16

XAUUSD

Technically gold is overbought, however on the daily chart yesterday a turnaround candle or a “high wave” was formed and the quotes resumed their growth and broke through 1344.28 upwards.

Based on the market situation, we believe that the yellow metal will remain in the range limited by 1336-1366.

16 aug gold
Brent

Yesterday, oil futures with delivery in October tested the level 48.5 dollars per barrel but unsuccessfully. Most probably, the attempt will be completed today.

Brent oil growth potential towards 50 dollars per barrel is supported by the speculations around the Energy Forum in Algeria.

Technically, oil quotes have slightly decreased during the Asian session and returned to 48.01 and the speculators rushed to buy the market.

16 aug Crude oil

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