03.09.2015 - Technical view on commodity futures
The price of gold reached the sloping support line and in case of its overcoming, will continue to decline to the next targets at 1120 and 1100. In order to continue growth the price needs to break through a local maximum around 1150. In recent years, we see a decrease in the amplitude of fluctuations in price that may soon lead to a strong price movement. We recommend to wait for a signal to open new positions.
Nearest resistance levels: 1150, 1165, 1195, 1205, 1215, 1230
Nearest next support levels: 1120, 1110, 1100, 1080, 1060, 1050, 1100
The price of Light sweet crude oil could not break through the support level at 44.00 and corrected to 47.00. In case of continued growth and penetration of the upper boundary of descending channel and consolidation above 49.65, we recommend to open long positions with the targets at 51.50 and 54.00. A more likely scenario according to our forecasts will be the resumption of the fall of the prices with the first targets at 44.00 and 42.00. Our medium-term outlook remains negative.
Nearest resistance levels: 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00
Nearest support levels: 44.00, 42.00, 40.00, 38.00