08.01.2016 - Technical view on commodity futures

The price of gold broke through the resistance level of 1100 and reached the level of 1100 and then started to correct downward and is currently consolidating around the level of 1100. Within the correction, quotations may continue to decline to 1090 and 1080. The growth of price in the near future is possible till 1020 and 1040. Fixing above 1100 will be a signal for further growth. We expect a downward price correction today.

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

Nearest support levels: 1100, 1090, 1080, 1065, 1050, 1040, 1000, 960

The price of Light sweet crude oil after reaching the target level of 33.00 and the lower limit of the downward channel started to correct upwards and returned to the level of 35.00. Further growth within the correction is possible till 36.00 and 38.00. According to our estimates, the current growth may continue in the near future, but the medium-term trend remains negative with a potential fall to 30.00.

Nearest resistance levels: 35.00, 36.00, 38.00, 40.00, 40.75, 42.00, 43.65, 44.00

Nearest support levels: 33.00, 32.00, 30.00

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