02.02.2015 - Technical view on commodity futures

The price of gold after the rebound from the support level at 1252 broke through the level of 1265 and returned to the level of 1278. At the moment, the quotes reduced after they were unable to overcome the inclined resistance line. In case of its penetration, the price can reach the level of 1300. The fall is limited by the level of 1252. We expect the price growth in the medium term, but admit the possibility of falling the price in the near future.

Nearest resistance levels are 1265, 1278, 1300, 1330, 1350

Nearest support levels: 1252, 1244, 1230, 1215, 1200, 1180, 1140

The price of Light sweet crude oil after a long consolidation near the level of 45.00, broke through the upper limit of the descending channel and reached the strong level at 47.50. In case of further growth quotations may reach $ 50.00, but this option is unlikely. In the near future quotations may resume the decline with the first target at 45.00, after which most likely will continue to decrease to 40.00. Our medium-term outlook remains negative and we recommend holding short positions.

Nearest resistance levels: 47.50, 50.00, 52.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00

Nearest support levels: 45.00, 43.00, 40.00

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