09.11.2015 - Technical view on commodity futures

The price of gold has broken the support level 1100 within the strong downward impulse. As a result, quotations reached the level of 1085 and now are corrected in the local descending channel. Within the negative dynamics, the price may fall to 1060 and 1050 in the near future. Within correction quotes can return to resistance levels at 1100 and 1120. We expect the fall in the near future.

Nearest resistance levels: 1100, 1120, 1140, 1150, 1165, 1190, 1205, 1215, 1230

Nearest support levels: 1080, 1060, 1050, 1100

The price of Light sweet crude oil continued to fall after price leaving the local ascending channel, and a breaking through the level of 46.00. Within the fall, price reached 45.00 and bounced upward. In the near future, quotes can decline to 43.00 and continue the negative trend to 40.00. We expect a continued decline of price after the current correction and recommend holding short positions.

Nearest resistance levels: 46.00, 47.00, 48.00, 49.65, 50.00, 51.50, 52.00, 54.00

Nearest support levels: 44.00, 42.00, 40.00, 38.00

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