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COMMODITIES TECHNICAL ANALYSIS SEPTEMBER.06

XAU/USD

The pair started the week in green figures. The gold quotes stayed near previous week’s high on Monday. The price is above the 100 and 200 Day EMAs in the 4 hours chart. The moving averages act as a support for the instrument. The current resistance is the level 1330.
Buyers need to break the level 1330 to keep growing. The next buyers’ target is the mark 1340.
As the instrument is overbought it may slightly pull back. In this scenario, sellers will push the price towards 1316.

06_09_2016_xauusd

Brent

Crude oil Brent showed volatile trades on Monday. The price went back and forth during the day. At first, bulls took control over the market and the price jumped to the fresh high at 49.50. The bullish spike faded and the price sharply fell towards the support 47.50 where it closed the day.
The instrument is under pressure. If the pressure persists, oil prices will decrease below 47.50. The level 46.50 is the next seller’s target. Controversially, the price will grow to 48.50.

06_09_2016 _brent

 

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