02.03.2015 - Technical view on commodity futures

The price of gold has broken through the upper limit of the downward channel and reached an important resistance level at 1220. Breaking and fixing the price above this mark will become a confirmation of a buy signal with upside potential to 1244 and 1256. The fall of the price is limited by the level of 1200 and 1190, below which we recommend to set a stop in case of opening long positions. Our medium-term outlook remains positive, but we recommend to wait for a confirmation of the signal for opening long positions.

Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330, 1350

Nearest support levels: 1200, 1180, 1140

The price of Light sweet crude oil has broken through the inclined resistance line and currently is consolidating near the level of 50.00. In case of continued growth quotations may reach the levels 52.00 and 54.00, but overcoming them is unlikely. We expect a continuation of the downward price movement with the first target at 45.00, after overcoming of which quotes can be reduced to 40.00. Our medium-term outlook remains negative and we recommend holding short positions.

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

Nearest support levels: 50.00, 48.00, 45.00, 43.00, 40.00

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