Brent reversed its losses after last week sharp decrease

20 September, 2016

Brent reversed its losses after last week sharp decrease, as investors are waiting for an informal major producers’ meeting later this month in Algeria.

Current situation

Buyers made an attempt to regain 46.50, but failed. The price snapped the level and retreated from the daily high. The price faced a downward pressure at the start of the North American session. The 50-EMA is pointing lower, the bearish 100-EMA is crossing the bullish 200-EMA downwards. The resistance is at 46.50, the support comes in at 45.30 dollars per barrel.

MACD grew which indicates the sellers’ positions weakening. RSI is approaching oversold area

Trading recommendations

A move below the support 45.30 would suggest a resumption of the downtrend. In this potential scenario, sellers will move the price towards 44.30. To trigger an additional upwards movement the price needs to break above 46.50.


Source link  
Gold price reached important target

The prices have reached their important target of 1260 and this was only a bounce and a correction of the downtrend...

Dollar setback due to recent PCE date

Today is last day of the month and FED's members speeches are to be announced therefore the market volatility growth is expected...

Gold has jumped to 1265 level

The resistance holds at 1280, support comes in at 1245.9. Major resistance is highlighted at 1295.4. Next target is set at 1350...


Gold prices bounced off

The spot was struggling to build onto the recovery during the night trades. Buyers lost their steam at 1265 where the pair found some fresh offers....

Golld turned around and reversed

The bullish trend remained intact on Tuesday. The price bounced from the upper limit...

Gold prices remained in a consolidation phase

Sellers led the spot to 1250 the other day but failed to break below the level. The price remained sandwiched between 1250 - 1255...


DAX grew amid a fresh buying interest

European stocks opened in green when markets recovered from Trump’s failure in Congress. Investors focused on Brexit...

Pound reached its monthly high

The pound remained in an upward channel on Tuesday. The price pulled back from its upper limit...

Brent maintained its ask tone

Sellers continued driving the benchmark lower after a brief pause at 50.80 dollars per barrel...

  


Share: