08.12.2015 - Technical view on commodity futures
The price of gold after the strong growth corrected down to the support at 1065 and rebounded from it. In case of continued growth quotations may reach the level of 1090-1100. On the other hand, the breaking of level of 1065 will be the basis for the further drop in prices to 1050 and 1040. We forecast a drop in prices in the near future, but do not rule out further correction to 1100.
Nearest resistance levels: 1080, 1090, 1100, 1120, 1140, 1150, 1165, 1190, 1205
Nearest support levels: 1065, 1050, 1040, 1000
The price of Light sweet crude oil showed yesterday confident decline and broke through the lower limit of the downward channel. Currently quotes have stabilized around the level of 39.00 and in case of further fall will reach the target level at 38.00. At the moment, there is a possibility of price correction to 40.00. We maintain a medium-term negative outlook and recommend holding short positions with the potential of fall to 35.00.
Nearest resistance levels: 40.00, 40.75, 42.00, 43.65, 44.00, 46.00, 47.00, 48.00, 49.65
Nearest support levels: 38.00, 35.00, 32.00, 30.00