The Brent failed to recover

29 July, 2016

The Brent failed to recover and resumed its decrease amid growing fears regarding the oversupply growth.

Current situation

The tone is still negative in the market, the Brent futures faced further downside pressure. The price decreased and lost about 1.53% during the course of the day. The resistance is at 44.00, the support comes in at 42.80 dollars per barrel.

Indicators generate a sell signal. MACD decreased which indicates the sellers’ positions strengthening. RSI is in the oversold area which is a sell signal.

The price was moving from the 50, 100 and 200 EMAs the 4 hours chart. The moving averages (50, 100 and 200) are trending downwards.

Trading recommendations

Sellers still control the market. We expect the price to fall further towards 41.40.


Source link  
Euro met an obstacle around 1.1700

The spot recovered to 1.1750 where the euro spent the first part of the night. An increased selling pressure weighed on the major in the mid-Asian session...

Gold keeps losing ground

The previous upward momentum lost strength at 1330 dollars per once. After facing selling resistance at the level the pair turned around and softened...

Gold started week with a gap downwards

The precious metal is around the lower boundary of the upward channel now. If sellers remain in the driver’s seat the spot may continue...


XAU/USD pair keeps its buy mode intact

The spot broke above previous day’s top and climbed to 1355 over the night trades. Gold is likely to continue its growth. Buyers aim at 1360 now...

Rebound from 1280 lifted gold prices

The spot jumped to 1290 and broke the level soon after testing it. As the most probable scenario, we consider further moving upwards towards...

Gold price sharply dropped

Buyers continued to struggle with 1290. However, all their attempts faced sellers' resistance around the hurdle. The level rejected the price...


Sellers continued to dominate

The euro bounced from 1.1750 and weakened to 1.1700 during the night and morning trades. The resistance resides at 1.1750, the support comes in at 1.1700...

Gold prices extended their recovery

XAU/USD pushed away from 1260 and rallied towards 1270 dollars per ounce. The resistance exists at 1270, the support stands at 1260 dollars per ounce...

Gold prices turned around

Gold prices turned around when the spot reached 1265. Sellers drove the price to 1255 where they lost momentum. The precious metal returned to 1265...

  


Share: