07.12.2015 - Technical view on commodity futures

The price of gold showed a sharp rise, but could not overcome the resistance level at 1090 and currently is consolidating above the level of 1080. In case of continued upward trend, the closest targets will be 1100 and 1120. According to our forecast, the price decline may continue until 1065 and 1050. The market situation remains uncertain and we are waiting for new signals for opening position.

Nearest resistance levels: 1095, 1100, 1120, 1140, 1150, 1165, 1190, 1205

Nearest support levels: 1080, 1065, 1050, 1040, 1000

The price of Light sweet crude oil continued to decline and has broken through the support level at 40.75. Upon further decrease, the quotes will reach the target marks at 40.00 and 38.00. Correction is possible until 42.00. We maintain a medium-term negative outlook and expect a gradual decline in prices in a downward channel.

Nearest resistance levels: 40.75, 42.00, 43.65, 44.00, 46.00, 47.00, 48.00, 49.65, 50.00

Nearest support levels: 40.00, 38.00, 35.00

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