04.11.2015 - Technical view on commodity futures

The price of gold has broken the lower boundary of the local descending channel and reached the level of 1120 around which is consolidating at the moment. A further drop in prices is limited by the psychologically important level of 1100 after reaching of which we probably will see the price correction with growth potential to 1140-1150. We expect the price decline in the near future.

Nearest resistance levels: 1140, 1150, 1165, 1190, 1205, 1215, 1230

Nearest support levels: 1120, 1100, 1080, 1060, 1050, 1100

Gold VS Dollar

The price of Light sweet crude oil after overcoming the level of 47.00 continued to rise and has overcome 48,00. Further growth is possible till 49.65 and 50.00. In the near future we expect the resumption of the negative dynamics of price with the first targets at 46.00, 44.00 and 43.00. Our medium-term outlook remains negative and we are waiting for the signal for the opening short positions.

Nearest resistance levels: 49.65, 50.00, 51.50, 52.00, 54.00

Nearest support levels: 48.00, 47.00, 46.00, 44.00, 42.00, 40.00, 38.00

RISK WARNING: Trading of complex financial products, such as Stocks, Futures, Foreign Exchange ("Forex"), Contracts for Difference ("CFDs"), Indices, Options, or other financial derivatives, on "margin" carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss of some or all of your initial investment and, therefore, you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with trading these markets, and seek advice from an independent financial advisor if you have any questions or doubts. Please carefully read our full "Risk Disclosure" and "Risk Disclosures for Financial Instruments & Investment Services". FXFINPRO Capital is the trading name of PFX Financial Professionals Limited, a limited liability company formed under the laws of Cyprus, registered with the Registrar of Companies in Nicosia, Cyprus, under nr. HE 237840 and regulated by the Cyprus Securities and Exchange Commission with license number 193/13.