04.09.2014 - Technical view on commodity futures

The price of gold after the sharp fall yesterday, rebounded from the support level at 1265 and approached to a strong level of about 1275. The growth of price in the near future is limited by the upper boundary of the channel and resistance at 1290. In case of breaking through and fixing above the level of 1290, we recommend to open long positions with the objectives at 1320 and 1330. Further reduction is limited by the support levels at 1252 and 1244. We maintain a medium-term negative outlook.

Nearest resistance levels: 1278, 1290, 1300, 1320, 1330, 1340, 1350, 1365

Nearest support levels: 1265, 1252, 1244

The price of Light sweet crude oil could not break the level of a local minimum near 92.50 and reach the target level of 92.00. As a result, quotations corrected to 95.00 and now move within the range 94,00-95,00. Further growth is limited by the level of 96.00 and an upper limit of the downward channel. We maintain a medium-term negative outlook with a target at 92.00.

Nearest resistance levels: 95.50, 96.00, 98.00, 100.00, 101.60, 103.00

Nearest support levels: 94.00, 92.00, 91.60, 91.00, 90.00

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