05.08.2016 - Technical view on commodity futures

The price of gold rebounded from the support level at 1350 and returned within the ascending channel. In the near future, quotations may continue its upward movement up to 1375 and overcoming of this level will be the basis for continued growth to 1400. In case of renewal of negative dynamics, and breaking the support level at 1250, the negative dynamics will continue until 1330 and 1315. Our medium-term outlook remains positive and volatility today is likely to be high.

Nearest resistance levels: 1375, 1400, 1430, 1450

Nearest levels of support: 1350, 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil continued growth and has broken through the resistance level at 42.00. This fact is the basis for the continuation of the upward price movement with closest targets at 43.00 and 44.00. According to our estimates, the increase within the correction will end soon and downward dynamics will resume with potential targets at 40.00 and 37.30. Our medium-term outlook remains negative.

Nearest resistance levels: 43,00, 45,00, 46,30, 47,00, 48,50, 50,60, 52,00, 54,00

Nearest support levels: 42,00, 40,00, 37,30, 36,00, 35,00

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