07.01.2014 - Technical view on commodity futures
The price of gold continues to grow and reached the level of 1220, and then started to correct downwards. Potential of reduction of the price within the correction is limited and we expect the resumption of growth of quotations to the next target level at 1230, after which the quotes can continue to grow until 1244 and 1252. We maintain our medium-term positive outlook and recommend holding long positions with a stop below 1170.
Nearest resistance levels: 1230, 1244, 1252, 1265, 1278, 1290
Nearest support levels: 1210, 1180, 1170, 1140, 1120, 1100
The price of Light sweet crude oil steadily decreases along the sloping resistance line. In case of correction quotations may grow to the level of 50.00. Given the stability of the downward movement and the absence of signals for changing the trend, we expect saving of the current dynamics in the short and medium term.
Nearest resistance levels: 50.00, 52.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00, 72.00
Nearest support levels: 46.00, 45.00, 40.00