07.06.2016 - Technical view on commodity futures

The price of gold stabilized after showed strong growth on Friday and is currently consolidating around an important level of 1244. In case of fixation above this level, the closest target levels will be 1260 and 1280. At the moment, there is the possibility of renewed negative price dynamics, and in case of opening short positions with the objectives at 1220 and 1200, the stop must be installed above 1250. We maintain our medium-term negative outlook, but significant decline in the near future is unlikely.

Nearest resistance levels: 1244, 1280, 1300, 1315, 1330

Nearest levels of support: 1220, 1200, 1190, 1165, 1150, 1140, 1120, 1110, 1095

The price of Light sweet crude oil has shown a slight growth during which approached the resistance level at 50.20. If the price will fix above this level, which coincides with the local maximum, the growth is likely to continue up to 51.50. According to our estimates, after a long consolidation more likely is a drop in prices in the near future with potential targets at 47.00 and 45.00.

Nearest resistance levels: 50.20, 51.50

Nearest support levels: 49.00, 47.00, 46.50, 45.00, 43.00, 40.00, 37.30, 36.00, 35.00, 33.00, 31.00

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