03.10.2014 - Technical view on commodity futures

The price of gold continues to consolidate between the inclined support and resistance levels below 1210. Amplitude of price fluctuations decreased significantly, suggesting the possibility of strong price movement in the near future. In case of a fall, quotations can be reduced to 1180-1200. Signal for opening long positions will be fixing the price above 1230. We maintain a medium-term positive outlook and recommend to gradually accumulate long positions.

Nearest resistance levels: 1230, 1240, 1244, 1252, 1265, 1278, 1290, 1300

Nearest support levels: 1210, 1200, 1180

The price of Light sweet crude oil has broken through the psychologically important level of 90.00 and 88.00, and reached the level of the lower border of the channel. At the moment, the price corrected upwards and consolidates below 91.00. Further growth is limited by the upper boundary of the channel. In the near future we will probably see the resumption of the downward price movement. We recommend holding short positions and maintain a medium-term negative outlook for oil.

Nearest resistance levels: 92.00, 94.20, 95.00, 95.50, 96.00, 98.00, 100.00

Nearest support levels: 90.00, 89.00, 87.50

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