08.08.2016 - Technical view on commodity futures

The price of gold has fallen to the level of 1330 and currently is consolidating above this level. In case of continued negative dynamics, the closest targets will be 1315 and 1300. Within the correction quotations may rebound to an important level of 1350. Our medium-term outlook remains positive, but the current decline is likely to continue due to breaking through the level of 1350, which was the signal to sell.

Nearest resistance levels: 1350, 1375, 1400, 1430, 1450

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

The price of Light sweet crude oil continued to rise after has overcome level of 42.00. As a result, quotations approached the resistance at 43.00 and can continue upward momentum to 44,00-45,00. According to our estimates, the current growth within the correction will be short-lived and the fall will resume in the near future.

Nearest resistance levels: 43,00, 45,00, 46,30, 47,00, 48,50, 50,60, 52,00, 54,00

Nearest support levels: 42,00, 40,00, 37,30, 36,00, 35,00

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