06.11.2014 - ​Technical view on commodity futures

The price of gold after reaching the level of 1140 continues to consolidate above this mark. In case of consolidation below 1140 we should expect the fall to 1100-1120. After a strong decrease there is a necessity of consolidation or correction of price. Signals to open long positions in case of resumption of growth will be fixing of quotations above the level of 1170. We maintain our positive outlook for the medium-term, but expect a fall in the near future.

Nearest resistance levels: 1160, 1180, 1200, 1220, 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1140, 1120, 1100

The price of Light sweet crude oil pushed away from the lower boundary of the local downward channel and reached its upper limit. The growth of quotations is also limited by the strong resistance level at 79.40. At the moment, there is no signal to change the negative trend. We predict that the price will continue to decline in the near future within the local downward channel and maintain a medium-term negative outlook.

Nearest resistance levels: 79.40, 80.00, 84.00, 85.50, 87.00, 89.00, 90.00, 92.00, 94.20

Nearest support levels: 76.00, 75.00

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