01.07.2014 - Technical view on commodity futures
The price of gold continues to show a low level of volatility and is consolidating around the levels 1310-1320. To move beyond the channel, the price will need a strong stimulus. The buy signal with the objectives of 1330 and 1350 will be the price fixing higher than the nearest top around 1325. A signal to sell will be price fixing below 1310. We maintain a medium-term positive outlook for gold.
Nearest resistance levels: 1320, 1330, 1350
Nearest support levels: 1310, 1300, 1290, 1278, 1265, 1252, 1244
The price of Light sweet crude oil has broken through the lower border the side channel at the level of 105.00, but failed to hold below it and returned back above 105.00. Further growth is limited by the upper boundary of the local descending channel, in case of penetration of which the price will reach 107.00. We expect that in the medium term, the price will continue to move inside the rising channel.
Nearest resistance levels: 107.00, 108.00, 110.00
Next support levels: 105.00, 104.60, 104.00, 103.00, 102.50, 101.90