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COMMODITIES TECHNICAL ANALYSIS SEPTEMBER.07

Gold

The demand for gold as a safe asset grew on Tuesday’s trades. The pair gained about 0.89% during the day. The price jumped from the level 1330 towards 1350. The support is at 1330, the resistance comes in at 1350. The overall outlook remains bullish, for rise towards 1350-1360 resistance area. In the event that the sellers manage to force the pair below 1340 the XAU/USD may decrease to 1330.

07_09_2016 xauusd

Brent

Brent enjoyed a mixed session through trade on Tuesday. The price traded lower during Asian and European sessions and reversed some of its losses during the American hours. The price bounced off 46.50, broke 47.50 and is heading towards the level 48.50. The resistance lies at 48.50, the support is seen at 47.50. If the instrument continued with its recovery, the price will break the 47.50 level. The next buyer’s target is the level 48.50. In the scenario where the sellers keep control over the market oil prices will get below 46.50. The instrument will head towards 45.30.

07_09_2016_brent

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