01.12.2014 - Technical view on commodity futures

The price of gold has broken the lower boundary of the ascending channel and a strong support level at 1180 and almost reached the level of the nearest minimum near 1140. As a result, the price failed to overcome 1140 and started to correct upwards. Now quotes are consolidated below 1160 and may continue to grow up to 1180. We anticipate that in the near future quotes will close the gap and maintain the medium-term positive outlook.

Nearest resistance levels: 1180, 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1140 1120 1100

The price of Light sweet crude oil has broken through and secured at the lower boundary of the channel and continued the growth. At the moment, the quotes are consolidated near the level of 64.00 and can continue the current movement to the level of 60.00. Correction is possible up to the level of 68.00. We recommend holding short positions and maintain a medium-term negative outlook on oil.

Nearest resistance levels: 68.00, 70.00, 72.00, 74.00, 76.00, 76.70, 79.40, 80.00, 84.00

Nearest support levels: 63.00, 60.00

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