05.12.2014 - Technical view on commodity futures

The price of gold continues to consolidate between the resistance at 1210 and the lower boundary of the rising channel. In case of breaking through the boundary of the channel, quotes, will reach the level of support at 1180. In order to continue growth, the price needs to overcome the resistance at 1220. We maintain our positive outlook for the medium-term with objectives at 1244 and 1252, and the stop below 1180 and expect а strong price movement today.

Nearest resistance levels are 1220, 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1200, 1180, 1140, 1120, 1100

The price of Light sweet crude oil moves along the bottom of the descending channel. In the near future quotations probably will reach a local minimum near 64.00. Correctional growth of the price is limited by the level of resistance at 70.00. We expect a further fall in oil prices and recommend to keep medium-term short positions with the closest targets at 64.00 and 60.00 and a stop above 70.00.

Nearest resistance levels: 68.00, 70.00, 72.00, 74.00, 76.00, 76.70, 79.40, 80.00, 84.00

Nearest support levels: 64.00, 63.00, 60.00

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