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COMMODITIES TECHNICAL ANALYSIS SEPTEMBER.08

Gold

Gold prices closed the day bearish, even though the pair remains within positive territory. The price retreated from 2-weeks high on Wednesday. However, the downward momentum was short-lived and the price stopped a few pips below 1350. The resistance stands at 1350, the support resides 1330. The nearest buyers’ target remains the level 1350 and further out 1360. Sellers need to break below 1340 to get more strength.

08_09_2016 xauusd

Brent

Brent prices closed Wednesday in green figures. Traders were able to push the instrument higher and the price broke the level 47.50 on its way upwards. The resistance is at 48.50, the support comes in 47.50. We believe that this is essentially a “buy only” market at the moment. Buyers need to break 48.50 to go higher. The level 49.50 is their next target.

08_09_2016 brent

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