07.07.2016 - Technical view on commodity futures

The price of gold has started growing again after a minor correction and continues to move along the inclined support line. In case of breaking this line quotations will likely continue to decline to 1350 and 1330. According to our estimates, the price will continue the upward movement to the level of 1400 in the near future. Our medium-term outlook is positive.

Nearest resistance levels: 1365, 1400, 1430, 1450

Nearest levels of support: 1350, 1330, 1315, 1300, 1280, 1244, 1220, 1200, 1190, 1165, 1150

The price of Light sweet crude oil rebounded from the support level at 46.30 and approached the resistance at 48.50. In the near future, quotations may continue to consolidate within a triangle and fixing beyond its borders will be a signal to open new positions. A more likely scenario will be a decline of price with potential targets at 43.00 and 40.00. Our forecast for the near future is negative.

Nearest resistance levels: 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

Nearest support levels: 47,00, 46,30, 45,00, 43,00, 40,00, 37,30, 36,00, 35,00

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