01.10.2014 - Technical view on commodity futures

The price of gold failed to overcome the inclined resistance level and began to decline. As a result of the fall quotations broke through a strong level of support at 1210. In the nearest future we may see a price drop to the levels 1180-1200. Downside potential remains low, and we expect the resumption of growth in the medium term. Signal for opening long positions will be fixing the price above 1230.

Nearest resistance levels: 1210, 1230, 1240, 1244, 1252, 1265, 1278, 1290, 1300

Nearest support levels: 1200, 1180

The price of Light sweet crude oil could not overcome and gain a foothold above inclined line of resistance and the level of 94.25. Considering sharp drop in prices and a significant downward momentum, we expect price reduction to the psychologically important level of 90.00. In the nearest future we are likely to see continued consolidation of quotations within the corridor 90.00 - 94.00. Our medium-term outlook remains negative and we recommend holding short positions.

Nearest resistance levels: 94.20, 95.00, 95.50, 96.00, 98.00, 100.00

Nearest support levels: 92.00, 90.00, 89.00, 87.50

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