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COMMODITIES TECHNICAL ANALYSIS AUGUST.24

Gold

Gold continues to be traded within the boundaries of the medium-term range. Today price returned to the bottom of the channel - the support level of 1336.The downward breakdown is very likely. However, the markets will be in «wait and see» stance until FED meeting on Friday. The nearest support level 1330.

24 aug Gold

Brent:

Oil prices resumed the decline right after the market gained back to 50 dollars per barrel area. The American Petroleum Institute (API) said on Tuesday that US crude inventories rose 4.5 million barrels last week. Oil is moving down with the likehood of further decline and the key support level of 49.01 testing. Today, the market focus will be on data from the US Department of Energy. If the figures will be similar to API, it could lead market to 48.50 and lower.

24 aug Crude oil

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