02.02.2016 - Technical view on commodity futures

The price of gold rebounded from the lower boundary of the local ascending channel and level has reached 1130. The next upside target levels during continued growth will be 1140 and 1150, after which growth may continue until 1165. The signal of changing of the local rising trend will be breaking through the level of 1120. As a result, the quotes may fall to the lower limit ascending channel and the level of 1100. Our medium-term outlook is negative, but the current growth may continue in the near future.

Nearest resistance levels: 1140, 1150, 1165, 1190, 1205

Nearest support levels: 1120, 1110, 1095, 1080, 1065, 1050, 1040, 1000, 960

The price of Light sweet crude oil after some consolidation below 35.00 has resumed falling and broke through the support level at 33.00 and the lower boundary of the local ascending channel. As a result, quotations may reach the levels of 31.00 and 30.00 in the near future, after which the decline may continue until 28.00. Our medium-term outlook remains negative and we recommend accumulating short positions with a stop above 35.00 and the objectives at 28.00 and 25.00.

Nearest resistance levels: 33.00, 35.00, 36.00, 38.00, 40.00, 40.75, 42.00, 43.65

Nearest support levels: 31.00, 30.00, 28.00, 25.00, 22.00, 20.00

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