02.04.2015 - Technical view on commodity futures
The price of gold rebounded from the level of 1180 and is currently trying to gain a foothold above the psychologically important level of 1200. In case of success, quotes will continue the upward movement up to 1220 and 1230. In case of resumption of downward movement and breaking through the mark of 1175, the price will continue to fall until 1150. Our medium-term outlook remains positive and we expect growth of quotations in the near future up to 1220.
Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1200, 1175, 1150, 1140, 1100
The price of Light sweet crude oil after some consolidation near the level of 48.00, started to rise sharply and broke through the level of 50.00. In the case of consolidation of quotations above this mark, we can see continued growth to 53,00-54,00. On the other hand, the increase is limited by the inclined line of resistance. We recommend holding short positions with a stop above 54.00 and save a medium-term negative outlook with the target at 40.00.
Nearest resistance levels: 52.00, 53.00, 54.00, 58.50, 60.00, 64.00
Nearest support levels: 50.00, 48.00, 47.00, 45.00, 44.00, 43.00, 40.00