10.03.2015 - Technical view on commodity futures

The price of gold continued downward movement along the lower boundary of the descending channel and probably will keep the current dynamics up to reaching the level of 1140. At the moment, there is a possibility of ascending price correction within the channel. A signal of a change of the downward trend to ascending will be fixation of quotations above the upper boundary of the channel and above the level of 1200. We expect a further fall in prices in the near future, but keep medium-term positive outlook.

Nearest resistance levels: 1165, 1180, 1200, 1220, 1244, 1256, 1280, 1300, 1330, 1350

Nearest support levels: 1140 1100

The price of Light sweet crude oil corrected downwards and continues to move above 50.00. In case of continued downward movement, the first target will be a local minimum at 49.00, after overcoming of which, quotes will continue to fall to 45.00 and 40.00. We recommend holding short positions with a stop above 54.00. Our medium-term outlook remains negative.

Nearest resistance levels: 52.00, 54.00, 58.50, 60.00, 64.00, 68.00, 70.00

Nearest support levels: 50.00, 49.00, 45.00, 43.00, 40.00

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