09.06.2015 - 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
The price of Light sweet crude oil is corrected within the descending channel after was unable to gain a foothold below 1170. In case of continuation of downward movement within the channel, we expect achieving marks 1150 and 1143. The potential of the fall is low. In case of moving the price beyond the boundaries of the channel, the confirmation of a buy signal will be overcoming the level of 1195. We expect growth in the medium term and expect the resumption of purchases near the level of 1150.
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