08.06.2015 - Technical view on commodity futures

The price of gold fell sharply on Friday, but returned some lost grounds and currently is consolidating above the level of 1170. In case of further decline, quotations may reach the critical level 1150 and the year low of about 1143. The signal of the change of the current negative trend to a positive will be fixation of the price above 1195. According to our estimates, the decline will continue in the near future and we recommend holding short positions. Despite this, our medium-term outlook remains positive.

Nearest resistance levels: 1195, 1200, 1215, 1230, 1244, 1256, 1280, 1300, 1330

Nearest support levels: 1170, 1150, 1140, 1100

Technical Analysis

The price of Light sweet crude oil has reached the target marks 58.00 and 57.00, but was not able to continue decline and started to correct upwards. In the near future quotations will probably reach the level of 60.00. We expect consolidation of prices near current levels in the near future, but our medium-term view on oil prices remains negative.

Nearest resistance levels: 61.00, 62.70, 64.00, 70.00

Nearest support levels: 58.00, 57.00, 54.00, 52.00, 51.00, 50.00, 48.00, 47.00

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