05.05.2015 - Technical view on commodity futures
The price of gold reached the upper boundary the downward channel and the level of 1190. In case of breaking through these resistance levels, we expect further growth of quotations to the level of 1210 after which the upward movement may continue till 1220 and 1230. At the moment, there is the possibility of renewed downward movement with the first targets at 1170 and 1150 . We maintain our positive outlook for the medium-term, but in the near future we can see the continuation of falling of price.
Nearest resistance levels are 1190, 1210, 1220, 1244, 1256, 1280, 1300, 1330
Nearest support levels: 1180, 1150, 1140, 1100
The price of Light sweet crude oil keeps consolidating near the level of 60.00. In case of consolidation of quotations above this strong resistance level, we forecast continued growth up to 64.00. On the other hand, breaking through the lower boundary of the rising channel and consolidation below the local minimum at 59.00, will be the basis for the continuation of the downward price movement with the objectives at 56.00, 54.00, 52.00 and 48.00. We maintain a medium-term negative outlook on oil and wait for a signal to open new positions.
Nearest resistance levels: 60.00, 64.00
Nearest support levels: 58.00, 56.00, 54.00, 52.00, 51.00, 50.00, 48.00, 47.00, 45.00, 44.00