08.07.2016 - Technical view on commodity futures

The price of gold broke through the inclined support line and in the near future can fall to the level of 1350, the overcoming of which will be the basis for the continuation of negative dynamics to 1330 and 1315. A more likely scenario, according to our estimates, is the resumption of growth after the current consolidation. Our medium-term outlook remains positive with a target at 1400.

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 showed a sharp decline after failed to overcome the resistance level at 48.50 and as a result has broken through the support level at 46.30, which is the basis for the further decline with the objectives at 45.00 and 43.00. Our medium-term outlook remains negative, and growth in the near future is limited by the resistance level at 48.50.

Nearest resistance levels: 46,30, 47,00, 48,50, 50,60, 52,00, 54,00, 56,00, 58,60

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

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