05.10.2016 - Technical view on commodity futures

The price of gold has broken the lower boundary of the local descending channel, and after overcoming the psychologically important mark of 1300 accelerated the decline. As a result, quotations have decreased to the level of 1280 and in the near future may continue fall to 1244 and 1220. In case of rebound, we expect a return to the level of 1300. The current decline may continue in the near future, but the medium-term outlook remains positive.

Nearest resistance levels: 1280, 1300, 1315, 1330, 1356, 1375, 1400, 1430, 1450

Nearest levels of support: 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil continues upward movement along the inclined resistance line and may soon reach the resistance levels at 50,00-50,60, overcoming of which will be the basis for further price increase to 52.00 and 54.00. According to our estimates, after a strong growth, quotations will soon resume the negative dynamics and in this case, the closest targets will be 47,00 and 45,00. Our medium-term outlook is negative, despite the likely continued growth in the coming days.

Nearest resistance levels: 50,60, 52,00, 54,00

Nearest support levels: 48,50, 47,00, 45,00, 43,00, 42,00, 40,00, 37,30, 36,00, 35,00

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