Gold and Oil technical analysis (31/08/15)
GOLD TECHNICAL ANALYSIS – Gold gains modestly today and support level remains 20-day moving average at 1120.7. High volatility abounds with a light upside bias amid mixed directional signals. The bulls should keep watch of past daily highs at 1140.9 then 1146.6. Today prices are currently capped by a weak resistance level at 1136.
CRUDE OIL TECHNICAL ANALYSIS – WTI oil weekly chart shows the price climb halted ahead of 38.2% Fibo and 10-day moving average in the 47 region, although weekly upward momentum has not relented. Both WTI and Brent oil remain elevated above intraday support levels, at 41.78-43.45 for WTI, and 46.61-48.45 for Brent. Oil bulls should take caution with their stop loss.