06.03.2015 - Technical view on commodity futures

The price of gold continues to consolidate near the level of 1200. In the case of continued descending movement, quotations may reach levels of 1190 and 1180, about which the price growth can resume. Signal of trend reversal to positive will be fixation of quotations above 1220. We maintain our positive outlook for the medium-term, but recommend to wait for a signal to open positions.

Nearest resistance levels are 1220, 1244, 1256, 1280, 1300, 1330, 1350

Nearest support levels: 1200, 1180, 1140

The price of Light sweet crude oil started to correct down after reaching 53.00. At the moment, quotes fell to the inclined support line and the level of 52.00. According to our estimates, quotes will break through this level that will be a signal about the change of local uptrend to negative. In this case, the price will fall to a local minimum at 49.00 and then may continue to decline to 45.00 and 40.00. Our medium-term outlook for oil remains negative and we recommend holding short positions with a stop above 54.00.

Nearest resistance levels: 54.00, 58.50, 60.00, 64.00, 68.00, 70.00

Nearest support levels: 52.00, 50.00, 49.00, 45.00, 43.00, 40.00

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