09.12.2014 - Technical view on commodity futures

The price of gold after reaching the level of 1190, resumed growth and now continues to move along the bottom of the rising channel. To continue the price growth, quotations need to gain a foothold above the level of 1210. In case of decrease, quotations may fall to 1180. We recommend holding long positions with a stop below the 1180 and the target levels at 1180 and 1200. Our medium-term outlook remains positive.

Nearest resistance levels are 1210, 1220, 1230, 1244, 1252, 1265, 1278, 1290

Nearest support levels: 1180, 1140, 1120, 1100

The price of Light sweet crude oil accelerated pace of decline and broke through the local minimum at 64.00. At the moment, the quotes are near 5-year lows. After a minor consolidation around the level of 63.00, the price is likely to fall further with the objectives near 60.00. We recommend holding short positions with a stop above 70.00 and save a medium-term negative outlook.

Nearest resistance levels: 64.00, 68.00, 70.00, 72.00, 74.00, 76.00, 76.70, 79.40, 80.00

Nearest support levels: 63.00, 60.00

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