05.11.2014 - Technical view on commodity futures
The price of gold after consolidation above the level of 1160 was able to overcome this level and dropped to 1150. Continued downward movement is limited by the level of 1100. Considering the low potential for further reduction, we recommend to wait for a signal to open long positions. Fixing the price above the level of 1170 is the first precondition for opening long positions with the targets 1250, 1290 and 1330. Our medium term outlook remains negative.
Nearest resistance levels: 1160, 1180, 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1150 1120 1100
The price of Light sweet crude oil after breaking through the strong support level at 80.00, continued to decline and reached the level of 76.00 above which is consolidating now. The potential of further fall reduced, but the resumption of growth is unlikely. Raising of the price within the correction is limited by the level of 80.00 above, which should be set the stop. We recommend holding short positions and maintain a medium-term negative outlook.
The nearest resistance levels: 77.00, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20
The next support levels: 76.00, 75.00