07.07.2015 - Technical view on commodity futures

The price of gold keeps consolidating near the level of 1170. In case of the continuation of the negative dynamics, quotations may continue the downward movement to the levels of 1150 and 1143. The price fixing above the inclined resistance line and fixation over 1175, will be the basis for the growth of price to the levels 1190 and 1205. We expect the growth of quotations in the medium term, but the fall according to our estimates may continue in the near future.

Nearest resistance levels: 1170, 1195, 1205, 1215, 1230, 1244, 1256, 1280, 1300, 1330

Nearest support levels: 1150, 1143, 1100

The price of Light sweet crude oil continued its rapid decline after breaking through the lower boundary of the descending channel and overcoming the level of 54.00. Currently quotes are consolidated near the mark of 53.00 and will probably continue to fall to 52.00 and 50.00. In case of a rebound, quotations will reach the level of 54.00 and 55.00. Our medium-term outlook remains negative and we recommend holding short positions on oil.

Nearest resistance levels: 54.00, 55.00, 57.00, 58.00, 59.25, 60.00, 61.70, 62.70, 64.00

Nearest support levels: 52.00, 51.00, 50.00, 48.00, 47.00

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